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Today: National housing inventory crept up to 871,063 single-family homes as mortgage rates hold below 7%, price cuts are running at 41.67% of listings, and Athens residents are pushing back on the Georgia Square Mall redevelopment plan.
National inventory nudged higher but growth remains sluggish. Active listings rose from 865,709 to 871,063 for the week ending Aug. 14, up year-over-year from 860,055 to 871,063. The gain is modest: housing demand softens when rates exceed 6.64%, and with rates still below 7%, the drag on demand is mild. New listings came in at 68,125, slightly above last year's 66,679 but still below the pre-COVID normal of 80,000-100,000 per week. For Athens-Clarke County, where inventory has historically tracked tighter than national averages, expect similarly muted gains. Buyers have marginally more to choose from, but this is not a supply surge. Source
Price cuts holding steady at 41.67%, nearly matching last year's 42%. With rates drifting higher versus the same period last year (when rates were heading toward 6%), the year-over-year gap in price reductions is compressing. National home price growth is running 1-2% annually, weaker than recent years. Athens agents pricing new listings should be realistic: overpriced properties will sit, and the share needing reductions is likely to match or exceed last year's pace as fall approaches. Source
Mortgage rates stayed below 7% despite the Iran conflict entering month six. Both CPI and PPI came in lighter than expected last week, but the 10-year yield still edged up slightly. Mortgage spreads are doing the heavy lifting, keeping rates under the 7% threshold. For Athens buyers, this means affordability pressure persists but hasn't worsened materially. Lock recommendations: if clients are within 30 days of closing, lock now. Rates breaking above 7% would require a meaningful escalation in the Iran conflict or an inflation surprise. Source