Among the core five counties, Gwinnett had the most sales, Fulton the highest median price and Cobb the largest rise in price.
However, the health of the housing market ultimately rests with the overall economy — the addition of jobs and the expansion of incomes. With coronavirus cases rising dramatically in the state, that broader economic recovery is uncertain.
The Georgia Department of Labor has processed about 3 million unemployment claims, and has been paying benefits to more than 1 million jobless workers. More than 14% of metro Atlanta renters did not pay their rent during the first week of July, according to an analysis by RealPage, which analyzes transactions by housing companies.
Some homeowners, too, have fallen behind on mortgage payments, but there is not a market-wide problem like when the housing bubble burst a dozen years ago, said economist Jeff Tucker at Zillow, which lists and analyzes housing data.
Meanwhile, the number of homes listed — inventory — has continued to shrink, giving sellers an ever-greater advantage, he said. “Price cuts are less common compared with a year ago.”
The number of foreclosure filings had hit historic lows in the months before the pandemic, but has edged up since, according to Attom Data Solutions. In metro Atlanta, filings climbed 15% between May and June.
June home sales, core counties
June’s median home price, core counties
Median price compared with a year ago