Housing affordability improving in Atlanta

In this Wednesday, Feb. 17, 2016, file photo, town homes stand under construction as a pedestrian walks along the BeltLine in Atlanta. (AP Photo/David Goldman, File)

Housing prices have exploded across the nation and especially here in Atlanta, driven by low inventory and high demand.

Those prices are too high, according to a ranking from Florida Atlantic University and the American Real Estate Society.

The study finds Atlanta is the most overvalued out of the top 100 markets in the U.S., at about 50% higher than where prices should be.

Dominic Purviance is a subject matter expert at the Atlanta Federal Reserve who follows housing prices.

He joined WABE’s “All Things Considered” to explain why the latest Housing Ownership Affordability Monitors gives analysts some reasons for hope.

“So overall, we’re still unaffordable, but it is moving pretty rapidly in the right direction,” said Purviance. “Compared to the rest of the nation, it is improving faster.”