Although home sales in the Metro Atlanta housing market rose in October, the area’s top four housing markets all showed slowing activity, according to a new report from RE/MAX of Georgia.
For the whole Metro Atlanta market, home sales rose 9.94 percent from Oct. 2015, while time on market fell 17 percent.
Meanwhile, things were a bit different in the Atlanta, Marietta, Cumming and Lawrenceville markets:
|Market||Oct. 2015 Home Sales||Oct. 2016 Home Sales||YOY Difference|
A seasonal slowdown is to be expected – Jeanette Schneider, the senior vice president of RE/MAX of Georgia said as much in her comments accompanying the report – but the YOY declines suggest Metro Atlanta’s top markets are slowing down from where they were a year ago, with low inventory being a possible explanation.
Home price moderation
Median home price in Metro Atlanta rose 6.34 percent year-over-year, and with one notable exception, price growth was slower in the region’s top markets:
|Area||Oct. 2015 Median Price||Oct. 2016 Median Price||YOY Change|
In her comments, Schneider spoke positively of the moderating prices: “We also see equality in our market with Atlanta, Marietta and Cumming areas all seeing moderate 5 percent increases in median sales prices. The market provided a solid start to the fourth quarter.”