Total homes sales fell in April but home prices are up

by Rincey Abraham

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April home sales fell slightly in Atlanta, according to the Atlanta Realtors Association. Home sales dropped 7.4 percent on a year-over-year basis from 4,978 in April 2016 to 4,610 in April 2017. They are also down 13.7 percent compared to March’s 5,342 home sales.

However, average and median prices continued to increase with the median sales price at $254,000, an increase of 5.8 percent from last April. The average sales price was up 5.0 percent from last year to $317,000.

“The housing market continues to be strong in Atlanta, reflecting an increase in sales each month for the last two years,” said Atlanta Realtors President Bill Rawlings in a press release. “We are optimistic that this economic environment will continue with healthy increases in average home sales price and homes closed.”

Total inventory also is down in April to 13,796, a 6.5 percent decrease from April 2016. New listings were down 9.6 percent from April 2016 and down 10.8 percent from March 2017 to 5,043. The month’s supply decreased to 2.9 months, down from 3.3 months in March and 3.1 months in February.

The following table illustrates the largest county’s sales breakdown for April.

Total Units Sold Median Sales Price Average Sales Price
Cobb 789 $260,000 $317,000
DeKalb 684 $273,000 $319,000
Fulton 906 $360,000 $455,000
Gwinnett 929 $229,000 $254,000