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Atlanta Realtors: Metro Atlanta home sales skyrocket in November

by Peter Thomas Ricci

atlanta-neighborhood-home-sales-abr

Home sales in the Metro Atlanta housing market roared back to life in November, according to the latest report from Atlanta Realtors.

For the month, Metro Atlanta saw 3,984 sales, a 20.1 percent increase from Nov. 2015. Sales were down 7.4 percent from October, but year-to-date, home sales are now up 8.7 percent from where they were in 2015.

Lane McCormack, the president of Atlanta Realtors, said interest rates spurred some of November’s sales.

“This increase was partially due to buyers’ concerns over the potential rise in interest rates in the upcoming months and uncertainty over the Presidential election,” she said.

Atlanta prices and inventory

Home prices in Metro Atlanta continued to grow by monthly and yearly measurements. At $235,000, the median sales price was up 2.2 percent from October and 6.8 percent from Nov. 2015, while average sales price rose 3.5 percent monthly and 5.4 percent yearly to $295,000.

In a very welcome development, inventory rose 2.9 percent year-over-year to 15,655 units, although it remains at a very low 3.3-months supply; in fact, since July 2015, the area’s inventory has been below 4-months.

Home sales at the county level

In addition to the metro’s sales numbers, Atlanta Realtors also released county-wide stats, which we have collected below:

County November Home Sales Change from October Median Sales Price Average Sales Price
Cobb 674 -5.87% $246,000 $285,000
DeKalb 586 1.03% $268,000 $321,000
Fulton 686 -8.41% $355,000 $434,000
Gwinnett 884 5.62% $205,000 $214,000

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