Report: Slight relief for home buyers, renters in August
ATLANTA - Average home values in metro Atlanta remain higher than the national average, but a report indicates markets are showing signs of cooling off nationwide.
According to Zillow's August 2021 market report, typical home values in the Atlanta metro area are $308,095, up 2.5% from July and 21.5% over last year. Compare that to the typical U.S. home — worth $303,288 in August, up from $298,061 in July.
The report said available inventory in Atlanta rose 3.6% since July and stands 33.5% below last August.
Price decreases are becoming more common with the share of listings with a price cut at 12.7% in August, compared to 11.0% in July
The markets have moved significantly for renters since 2020. Atlanta's typical rents are $1,827, up 20.4% since last year.
Zillow's national report digest said a recent slowing of monthly home value appreciation tampered recent projections of a white-hot market.
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"Slowing monthly appreciation is not expected to be echoed in slower annual growth until early 2022, with year-over-year growth in the Zillow Home Value Index expected to end 2021 up 19.9% from the end of 2020 and continue accelerating to 20.1% in January 2022 before beginning to slow down," Zillow's national report read, in part.
Zillow is the most visited real estate website in the United States and the company operates several affiliates that provide services in the real estate industry.
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