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Atlanta Realtors: Prices continue to rise as market slows

by Peter Thomas Ricci

Atlanta-downtown-ferris-wheel

Home sales in the 11-county Metro Atlanta area continued to fall in October, although the market still has its positive qualities, according to the latest Atlanta Realtors report.

There were 4,105 sales in October, a 15.4 percent monthly decline and 0.2 percent yearly decline. So far in 2016, there have been nearly 48,000 sales, a 7.36 percent year-to-date increase over 2015.

Among Metro Atlanta’s most populous counties, only Fulton saw home sales rise in October:

County October Sales Change from September Median Sales Price Average Sales Price
Cobb 716 -5.29% $230,000 $275,000
DeKalb 580 -0.52% $225,000 $282,000
Fulton 749 4.03% $325,000 $413,000
Gwinnett 837 -13.62% $212,000 $242,000

Home prices and inventory in Metro Atlanta

Despite October’s shaky sales numbers, home prices continued to rise. At $230,000, median sales price is up 0.4 percent monthly and 6.5 percent yearly, while average sales price is up 0.4 percent monthly and 5.5 percent yearly to $286,000.

A key part of the market’s rising prices is inventory, which continued its slide. At the end of October, there were 15,839 units on the market, a 2.34 percent decline from September and an 8.79 percent drop from Oct. 2015. And although new listings were up 1.6 percent year-over-year to 4,598, they were down 8.6 percent from September.

Below, we have charted the housing inventory for the last five Octobers, along with the yearly change. After rising strongly in 2014, inventory has decreased considerably:

Month Inventory (Months Supply) YOY Change
Oct. 2012 3.78 -33.88%
Oct. 2013 2.87 -24.20%
Oct. 2014 4.2 46.39%
Oct. 2015 3.75 -10.56%
Oct. 2016 3.42 -8.79%

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