Industry NewsMarkets & Economy

First-time homebuyer hot spot: Atlanta-Sandy Springs-Marietta, Ga.

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: This report on the Atlanta-Sandy Springs-Marietta, Ga., market is an excerpt from a special report by Inman News reporter Andrea V. Brambila, "10 Prime Real Estate Markets for First-Time Buyers," identifying the 10 metro markets with the greatest share of first-time homebuyers relying on mortgages backed by the Federal Housing Administration (FHA) in 2011.  The Atlanta metro area's median sales price peaked in third-quarter 2006 at $186,000. As of the first quarter, the median was down 34.4 percent, to $122,000, considerably lower than the national median. "I think for the greater Atlanta area, the downturn was a market correction that needed to happen," said Stacy Carter, associate broker at Better Homes & Gardens Real Estate Metro Brokers in Roswell, Ga. "Home prices were escalating at an unhealthy and unsustainable rate while at the same time, builders were building new homes from the $400,000s and up, leaving a huge gap in the $150,000 t...