Metro Atlanta Housing Market Cools as High Mortgage Rates Reduce Buyers

Metro Atlanta housing market slowed in September due to highest mortgage rates since 2000. Home sales and total value dropped nearly 20% from last year.

Mortgage rates above 7% have been a turning point. Rates are now around 7.5%, highest since 2000, reducing buyers' purchasing power.

Higher rates cause some buyers to lower budgets and others to wait, hoping rates fall. Also makes current owners reluctant to sell.

Inventory dropped 10% from last year. Supply is only 2 months of sales vs 6-7 months in a balanced market.

Despite cooling market, low inventory means multiple offers and prices not dropping much. Median price up 2.3% in past year.