Higher Housing Prices Reflect Growng Economy & Lower Number of Homes Available
The rising values of homes across Georgia and the rest of the country helped push American household wealth to $101 trillion, its highest level ever, in the 1st quarter of 2018, an increase of $1 trillion from the previous quarter. While net worth among American homeowners rose partly due to significant increases in median housing prices nationwide in 2017, various factors including the booming economy and strong job market contributed to increases in home values. Widespread inventory shortages of homes across the Atlanta area and many other parts of the US have led to bidding wars over available homes, also helping to drive up median home prices. Analysts expect that increases in home values will stabilize once and if a larger supply of homes becomes available on the market.
Buying or refinancing a home in metro Atlanta or anywhere else in the state of Georgia? Contact Peachtree Mortgage Services, Inc. at peachmtg@bellsouth.net to discuss the specifics of your new home mortgage loan.
* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.