National Market Report

Atlanta Residential construction and home sales in Atlanta have fallen sharply in recent months due to the economic downturn. Two years ago, the Atlanta Journal-Constitution reported, 2,109 condominiums were under construction in Atlanta. But last year only half that number of condos was under construction, and unsold inventory has hit record numbers. Construction of standalone single-family homes dropped 60 percent between September 2007 and September 2008, and sale closings fell 40 percent. Residential building permits in the Atlanta metropolitan area decreased by 55 percent. Projects like the planned 21-story, 220-unit condo tower near Lindbergh Plaza have stopped mid-construction as funding has evaporated.