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A daily look at the most significant and interesting stories affecting Atlanta. Written by Emma Hurt, Kristal Dixon and Thomas Wheatley.

Axios Atlanta Thought Bubble

Axios Atlanta

Mortgage rates surpassed 5% — the highest they've been in years, according to data shared by Freddie Mac. 

Why it matters: Low mortgage rates made buying in a seller's market more affordable. 

In March 2022, median home sale values in Atlanta were up 21.4% year over year, and now borrowing money is more expensive, too.

Already-fatigued buyers could be priced out of the market. 

Data: Freddie Mac, Redfin; Chart: Simran Parwani/Axios

State of play: A year ago, mortgage rates were at 2.97%. In late April 2022, mortgage rates were at 5.11%.

If you were to take out a $300,000 30-year mortgage loan in April 2021, your monthly principal and interest would be around  $1,260, according to numbers shared by Freddie Mac. 

Your monthly payment on $300,000 30-year loan in April 2022 (at 5.11%) would be $1,631. 

That's $371 more per month; $4,452 a year; and $133,560 more over the life of your loan.

What's next: Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast. 

If demand subsides because of rising rates, housing prices could stabilize. 

We're still in a supply crunch, so inventory would have to catch up to the remaining demand for prices to cool. 

Surging mortgage rates make home buying more expensive in Atlanta

Mortgage rates are expected to rise throughout the year, averaging 4.6% for 2022 and 5% for 2023, according to Freddie Mac's trend forecast.

Illustration of a house's roof being taken off by a trend line soaring upward through the home

Mortgage rates surpassed 5% — the highest they&#x27;ve been in years, according to data shared by Freddie Mac. Why it matters: Low mortgage rates made buying in a seller&#x27;s market more affordable.

Real Estate

With pending home sales down year over year, Atlanta's real estate market is showing early signs of slowing down. But home prices are still up 23% from May 2021.

Why it matters: We keep hearing about a market crash, but so far, local data doesn't support that claim. 

Yes, but: Monthly data show early signs of a cooler market, even if it's slight. 

What's happening: From May 2021 to May 2022, new listings were down 3.7% and pending sales were down 8%. 

More buyers are holding off as home ownership becomes too expensive.

This comes after mortgage rates surpassed 5% for the first time in 10 years. 

Zoom out: Nationally, mortgage applications were down 24%, and, on average, 6.5% of sellers dropped their asking price each week in June, per Redfin's latest market update.

In June, national pending home sales were down 13% from this time last year,  the largest decline since May 2020, Redfin's report stated. 

Be smart: Inventory is still critically low overall which continues to push home prices up. 

What we're watching: New listings and pending sales. If more listings flood the market this summer and buyers don't bite, that’s when we would start to see more power shift into buyers' hands.

Atlanta's real estate market is shifting, slightly

Home sales are cooling as interest rates rise and supply remains low.

Illustration of a downward trend line over a house

New home sales

With pending home sales down year over year, Atlanta&#x27;s real estate market is showing early signs of slowing down. But home prices are <a class="gtmContentClick" data-vars-link-text="still up 23%" data-vars-click-url="https://www.redfin.com/news/data-center/" data-vars-content-id="20ccd528-37ca-4106-b507-58c77204b8dd" data-vars-headline="Atlanta&#x27;s real estate market is shifting, slightly" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/data-center/" target="_blank">still up 23%</a> from May 2021.Why it matters: We keep hearing about a market crash, but so far, local data doesn&#x27;t support that claim.

News

Data: Freddie Mac; Chart: Madison Dong/Axios Visuals

The Atlanta metro area's real estate market is starting to level off, according to the latest data from Redfin/MLS.

Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Atlanta-area buyers have waited a long time for a little relief.

What's happening: Mortgage rates started to surge in May and have since passed 6%. 

The market has changed significantly since then. 

By the numbers: Median home sales prices dropped from $400,000 to $375,000 from May to September.

Homes are selling more slowly. Homes sold in 12 days on average in May. In September the average number of days on market was 28. 

Fewer homes are selling above the list price. 28% of homes sold above list price in September, compared to 60.7% in May.

In September 39.5% of listings dropped their asking price, up 15.8 percentage points since May. 

Yes, but: Monthly mortgage payments are significantly more expensive than they were a year ago. 

Bottom line: The market is cooler, but buying a home isn't getting cheaper. 

Buying a house in Atlanta is easier, but not cheaper

The market is cooler, but buying a home isn't getting cheaper.

Housing

The Atlanta metro area&#x27;s real estate market is starting to level off, according to the latest data from Redfin/MLS.Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Atlanta-area buyers have waited a long time for a little relief.

Atlanta Pride is back this fall. Photo: AP Photo/Robin Rayne

PSLs are back which means it's time to work on your fall bucket list. Here are some ideas to get you started.

The annual festival features live music all weekend, keg tapping, stein hoisting, keg rolling, and bratwurst and pretzel tosses. 

Details: General admission includes entry and a 22-ounce souvenir stein plus your first beer. Single-day passes are $25-$35 or get a weekend pass for $60-$85. 

VIP wristbands include a 25-ounce stein and your first beer, plus four drink tickets; a souvenir T-shirt and sunglasses; catering; and a VIP zone with private bathrooms. Single-day VIP passes start at $85. Weekend passes are $250.

Festival hours are 4-10pm Sept. 30; 11am-11pm Oct. 1; and noon-6pm Oct. 2.

If you go: Here's where to park, tailgate and more.

atlanta falcons fans cheering at mercerdes benz stadium

Photo: Rich von Biberstein/Icon Sportswire via Getty Images

3. Spend the day at a farm and pick a pumpkin

Southern Belle Farm: This farm has plenty of pumpkins to pick, plus a corn cannon, corn maze, pig races, giant slide and a market with apple cider doughnuts. 

Hours: Closed Monday-Tuesday; 9am-5pm Wednesday-Friday; 10am-7pm Saturday; and 1-7pm Sunday.

Address: 1658 Turner Church Road, McDonough

 Sleepy Hollow Farm: Find your perfect pumpkin, then stay for wagon rides, a corn maze, farm animals and other kids' activities. 

Hours: Closed Monday-Tuesday; 10am-6pm Wednesday-Friday; 10am-7pm Saturday; and 10am-6pm Sunday. You must arrive an hour before closing. 

Address: 628 Sleepy Hollow Road, Powder Springs

Still Family Farm: Instead of a corn maze, Still Family Farm has a magical five-acre zinnia maze. They have hay rides, concessions and kids' activities, too. 

Hours: 10am-5:30pm (dusk) Saturday-Sunday

Address: 5524 Macland Road, Powder Springs

4. Celebrate the LGBTQ+ community at Atlanta Pride

Flo Rida, Big Freedia and Betty Who are headlining this year's celebrations at Piedmont Park, which run Oct. 8-9. Some other key pride events include:

 Starlight Cabaret, where 25-30 top drag performers will take the stage.  

Three marches will be held on Saturday, Oct. 8, for the trans, bi and pan, and lesbian communities. Find the schedule here.

5. Get a caramel apple at the Georgia Apple Festival

This beloved annual event runs Oct. 8-9 and Oct. 15-16 and features apples galore, 300+ vendors with handmade crafts and goods, a parade, antique car show and other family friendly activities. 

Lower temperatures and changing leaves make fall prime time for getting outside. If you don't mind a drive, consider hiking Amicalola Falls State Park, about 1.5 hours from Atlanta.   

Pro tip: For something more low-key, check out Lake Charlotte Nature Preserve.

You can't get through spooky season without upping the fear factor. Netherworld Haunted House, Containment Haunted House, Nightmare's Gate or a "The Shining"-themed stay at Hotel Clermont might fit the bill.

"The Shining"-themed stay at Hotel Clermont

 Hotel Clermont now has a "The Shining"-themed stay. Photo: Courtesy of Hotel Clermont

One of the biggest Halloween celebrations, The Little 5 Points Halloween Festival & Parade runs Oct. 22-23. The parade will run down Moreland Avenue, and vendors will be set up on Euclid.

And don't forget to stop by Barry Wisebram's haunted front yard on Flat Shoals Avenue to see what terrifying creations he came up with this year. 

9. Go to the Native American Festival and Pow Wow at Stone Mountain

This year's event features inter-tribal dance and drum competitions, craft demonstrations, cooking traditions, storytelling and wildlife presentations. There will be hands-on experiences, too, like exploring a tipi. 

10. Eat chili at the Cabbagetown Chomp and Stomp

Get your tasting spoons ready; the chili competition is back for another year on Nov. 5. Expect lots of beer and bluegrass music, too.

The day-long event runs 11am-6pm, right through the Krog Street Tunnel. 

10 must-do fall activities in and around in Atlanta

Hoist a stein at Oktoberfest or go to a "Shining"-themed haunted house at The Clermont.

Georgia

<figure><img alt="parade for pride" height="880" id="ee371fee-addf-44cc-af1b-d7f84ddf45ee" src="https://images.axios.com/9zjUZPxcyTwbboGpyhIfPS28bdk=/2022/09/16/1663335003770.png" width="1328"/><figcaption>Atlanta Pride is back this fall. Photo: AP Photo/Robin Rayne</figcaption></figure>PSLs are back which means it&#x27;s time to work on your fall bucket list. Here are some ideas to get you started.<h5>1. Hoist a stein at Oktoberfest </h5>The annual festival features live music all weekend, keg tapping, stein hoisting, keg rolling, and bratwurst and pretzel tosses.

Things to Do

Atlanta interior designer Amy Morris let the character of this century-old Tudor shine through with neutral colors and elevated it with a variety of textures, grounding wood accents and mixed metals. 

The basics: The nearly 7,000-square-foot house has a main house and a guest house. 

The main house has five bedrooms and 5 ½ baths. The guest house has two bedrooms and two full baths.

Design: The Atlanta-based designer and her team at Amy Morris Interiors spent two years on the project. 

They completely gutted the main house and added the garage and guest house, Morris tells Axios. They worked with architect Stan Dixon.

Morris was inspired by the home's original architecture, and the homeowners   were inspired by Cotswold, England. The classic style shines through with a clean aesthetic and old-world charm.

She used creams and neutral colors as the backdrop and layered in storied home decor, sourced anywhere from Atlanta and Charleston to Paris and London.

One of the best rooms in the house is the scullery. 

"It feels like it's been there forever," Morris says. "It's the heart of the home."

Dixon converted the attic into a full living space with a bedroom, bathroom, sitting area and library. 

"They were intent on using every nook and cranny of the house," Morris says.

Additional prized pieces of the home are the black leather doors with nail head details that are scattered throughout the main level. 

atlanta home tour peachtree battle beauty exterior

Photo: Simon Upton, courtesy of Amy Morris Interiors

Atlanta home tour Peachtree Battle beauty foyer

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atlanta home tour peachtree battle beauty living room

atlanta home tour peachtree battle beauty kitchen

atlanta home tour peachtree battle beauty office

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atlanta home tour peachtree battle beauty primary

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atlanta home tour peachtree battle beauty bed

atlanta home tour peachtree battle beauty sunroom

Home tour: See inside an English-inspired Peachtree Battle beauty

The nearly 7,000-square-foot Atlanta house has a main house and a guest house.

Atlanta home tour Peachtree Battle beauty exterior

Real estate

Atlanta interior designer Amy Morris let the character of this century-old Tudor shine through with neutral colors and elevated it with a variety of textures, grounding wood accents and mixed metals. The basics: The nearly 7,000-square-foot house has a main house and a guest house. <ul><li>The main house has five bedrooms and 5 ½ baths. The guest house has two bedrooms and two full baths.</li></ul>

Brianna Crane

Featured stories

Buying a house in Atlanta is easier, but not cheaper

10 must-do fall activities in and around in Atlanta

Atlanta's real estate market is shifting, slightly

Surging mortgage rates make home buying more expensive in Atlanta

Home tour: See inside an English-inspired Peachtree Battle beauty