[DC-2017] NorthFulton CommunityProfiles-020317

New Homes
in Atlanta
Are Coming
Back Strong
By David Ellis,
Executive Vice
President, Greater
Atlanta Home Builders
Association
The housing and new home market in the Atlanta region
continues to improve and the prospects going forward
look very good.
After the greatest housing downturn in American
history, new home construction in our region is
rebounding at a brisk pace. During the downturn, new
home construction in our area fell almost 90%. In 2016,
around 20,000 new homes were built in our community.
This year, the numbers will be even better. The Atlanta
region has regained its footing with burgeoning job
growth and economic incentives that are breathing new
life back into our local economy. Today, Atlanta has the
third highest new home permit rate in the country. As
consumer confidence continues to rise and the interest
rates stay low, the demand for new homes will continue
to increase.
As the housing recovery began, the growth was concentrated
in the northern portion of the region in Forsyth, Cobb and the
new cities of North Fulton. In the last year, other areas of
Atlanta have begun to surge. Gwinnett County returned to
being our fastest growing county. New home construction
has begun to return throughout the region. Every county in
the metro area has seen improved permits and new home
sales in the past year.
Still, housing inventory levels have been at historically low
levels for well over a year. In addition, builders have to face
headwinds in the regulatory environment, labor market
restraints and rising land costs. Even with these issues,
Atlanta’s new home market is moving forward and growing.
Smaller builders and developers are still finding it challenging
to find credit to meet the demands of the market. However,
credit is slowing becoming available through community
and state banks, as well as private investors who see the
opportunities in housing. Increasingly, builders of all sizes
are able to join in the housing recovery.
Home buyers are also finding positives in low mortgage
interest rates and more reasonable mortgage qualifying
standards. Atlanta remains as one of the most affordable
major housing markets in the country. Consistently, Atlanta
is named as one of the markets in the nation where home
buying is more affordable than renting. Also, homes today
are more energy efficient and are designed to accommodate
the technologies that home owners want to see today.
The home building market in Atlanta is gaining strength.
Low interest rates, regional job growth, growing consumer
confidence and rising home values are all very positive signs.
All the market indicators are pointing in the right direction.
new ad to come
CommunityProfiles >> 2017 23