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Today: National existing-home sales dropped 3.6% in March to 3.98M as mortgage rates held near 6.4%, inventory ticked up to 4.1 months nationally, and lenders are seeing appraisal gaps widen due to sparse comps and climate-adjusted valuations.
National existing-home sales fell 3.6% month-over-month in March to a 3.98 million annualized pace, down 1.0% year-over-year. This marks the slowest March since 2009. Single-family sales were nearly flat year-over-year (down just 0.3%), while condo sales dropped 7.9%. The median home price climbed 1.4% to $408,800, the 33rd consecutive month of year-over-year gains. (Source)
For Clarke County, this matters because national headwinds (geopolitical uncertainty, mortgage rates near 6.4%) are creating hesitation even in markets with student housing demand like Athens. If your buyers are waiting for certainty, they are competing with everyone else doing the same thing. Price your listings to move now while inventory remains manageable.
Inventory improved to 1.36 million units nationally, a 4.1-month supply, up from 4.0 months a year ago. That is still below the 6-month balanced market threshold. NAR's Lawrence Yun notes an additional 300,000 to 500,000 homes for sale nationally would normalize conditions. Locally, if you are sitting on a listing waiting for spring fever, understand that buyers have more choices than they did six months ago. Price it right or expect DOM (Days on Market) to creep up. (Source)
Mortgage rates held steady over the weekend near 6.4% for top-tier 30-year fixed loans, down from the March 27 spike of 6.64% but still well above the late February low of 5.99%. Bonds are reacting to Middle East headlines daily. Until geopolitical tensions ease, expect rate volatility. Lock early if your buyers are serious. (Source)
Purchase lock volume jumped 38% month-over-month in March despite rising rates, according to Optimal Blue. Refinance share was 28% of total production, down from earlier in the year but still elevated. ARM usage hit 12%, the highest since October 2022. Translation: buyers are adapting to higher rates with creative financing. If you are not discussing 5/1 ARMs or 2-1 buydowns with investor clients, you are leaving deals on the table. (Source)
Appraisal gaps are widening in 2026 due to sparse comps, outdated data in climate-impacted markets, and AVM (Automated Valuation Model) inaccuracies. Fewer transactions mean fewer data points. Counter this by building appraisal gap risk into your deal structure from the start: higher down payments, appraisal gap clauses, or seller concessions earmarked for shortfalls. Do not assume the appraisal will come in at contract price. (Source)
Building permits are down nationally. Canada saw permits drop 8.4% in February, and U.S. headlines point to similar softness despite federal housing promises. Locally, watch Athens-Clarke County permit activity for early signals of new supply. If permits are flat or declining, it supports pricing power for existing inventory. Pull permit data from the county monthly and track multifamily starts near UGA. (Source)
The White House Economic Report cited NAHB data showing building to the 2021 International Energy Conservation Code (IECC) adds up to $31,000 to new home prices with a 90-year payback period. NAHB successfully blocked HUD and USDA from implementing these standards, but watch for state-level code adoption. If Georgia or local jurisdictions adopt aggressive energy codes, it will push new construction costs higher and make resale inventory more competitive. (Source)
Selling rental property with tenants in place is legal, but the lease survives the sale. The new owner inherits the lease terms. If you have investor clients looking to offload occupied units, advise them: month-to-month leases offer flexibility, but fixed-term leases require negotiation or relocation incentives to clear the property. Georgia landlord-tenant law allows 30-60 day notice for showings, but forcing a tenant out without due process invites lawsuits. Offer relocation assistance (typically a few months' rent) to avoid court and ensure the property returns in good condition. (Source)
C-PACE (Commercial Property Assessed Clean Energy) financing is evolving. North Bridge closed Tennessee's first delayed-draw C-PACE construction loan ($13.8M) for a Nashville multifamily project. Delayed-draw structures let developers draw funds as needed, reducing interest carry costs. This is now a proven model for ground-up multifamily. If you have developer clients building in Georgia, introduce them to C-PACE as a nonrecourse, long-term, fixed-rate option that layers well with senior debt. (Source)
A South Florida developer refinanced a newly built 235-unit luxury apartment project (Sereno in Sunrise, FL) with $72M in bridge debt from Dwight Mortgage Trust. The project leased 40% of units in three months post-completion. For Athens multifamily investors: if your student housing projects are hitting 40%+ lease-up within 90 days of delivery, you have pricing power for refinancing or disposition. Track lease velocity as a key metric for investor conversations. (Source)
Georgia's Low-Income Housing Tax Credit (LIHTC) program survived the 2026 legislative session intact. Senate Bill 476, which would have cut the state credit from 100% to 50% of the federal LIHTC match, died in committee. The state credit remains a full match with no sunset date. However, property tax assessments on LIHTC properties continue to spike in some counties, threatening project feasibility. A proposed constitutional amendment (House Resolution 1392) to treat LIHTC properties as a distinct tax class for assessment purposes was revived but did not advance. Expect this fight to return in a future session. If you work with affordable housing developers, monitor local tax assessments closely. (Source)
The Realtor.com 2026 Spring Seller Survey shows 83% of sellers planning to list in the next 12 months expect to receive asking price or more. That is optimistic, but 39% now expect to make concessions, up from 30% in 2025. Sellers are adapting to a market with more inventory and slower sales velocity. Set expectations early: pricing at market, offering buyer concessions (rate buydowns, closing cost credits), and staging matter more now than in 2021-2023. (Source)
New York builders won a legal challenge against the state's wetland regulations, which had blocked housing and infrastructure projects statewide. The court found the New York Department of Environmental Conservation failed to evaluate the adverse impacts on construction, housing, and economic development. The ruling annuls the regulations for violating the State Environmental Quality Review Act (SEQRA). While this is a New York case, the precedent matters: overreaching environmental regulations that ignore housing supply impacts are vulnerable to legal challenge. If Georgia or local jurisdictions propose similar wetland or environmental restrictions, builders should coordinate early legal review. (Source)
Market bottom line: Buyers have leverage now with rising inventory and seller concessions, but waiting for lower rates risks losing that edge when demand surges. Price, terms, and timing work together. Advise clients to act on current conditions, not hypothetical future markets.