Metro Atlanta’s summer buying season hits a wall in June

by Peter Thomas Ricci

atlanta-skyline

After a strong May, home sales in the 11-county Metro Atlanta area posted disappointing numbers in June, according to the latest report from Atlanta Realtors (ARA).

At June’s end, there were 5,392 home sales in Metro Atlanta, a 6.3 percent decline from May and a 6.1 percent drop from June 2015. Meanwhile, home prices continue to rise – at $253,000, median sales price was up 2.4 percent monthly and 7.7 percent yearly, while the average sales price of $311,000 was up 2.0 percent monthly and 3.3 percent yearly.

Overall 2016 market remains strong

In her comments accompanying the report, ARA President Lane McCormack drew attention to year-to-date sales, which remain positive over 2015.

“We are halfway through 2016, and the unit sales are up over 7 percent, with 1,812 units more than the same time last year,” McCormack said. “We are excited to see our housing market remains strong and robust, with average sales price increases year over year.”

One aspect of Metro Atlanta’s market that continues to worsen, though, is inventory. ARA tallied 16,304 units in June, a 2.3 percent decline from a year ago. Although new listings were up 20.4 percent from June 2015 and 7.7 percent from May, the market still has only a 3.6-months supply (a healthy inventory level is between 5- and 6-months).

Metro Atlanta homes sales at the county level

ARA also broke down Metro Atlanta’s home sales among its most populous counties, and found that Gwinnett and Cobb saw the most activity.

We charted ARA’s finding below, and will take a deeper look at the area’s county stats later this week.

County Home Sales Median Sales Price Average Sales Price
Gwinnett 1,142 $225,000 $255,000
Cobb 1,003 $266,000 $312,000
Fulton 911 $377,000 $466,000
DeKalb 704 $268,000 $319,000