Atlanta inventory continues to constrict in July as prices creep up

by Rincey Abraham

Home sales in Atlanta dropped slightly in July as prices outpace 2016, according to the Atlanta Realtors Association’s latest report.

Residential sales were at 5,223, which was a 6.3 percent decrease from July 2016’s sales levels of 5,572. It is a 17.1 percent drop from June 2017. This is partially due to a decrease in inventory throughout the Atlanta area. The housing inventory totaled 15,701 units in July, which is a 4.9 percent drop from last year.

New listings were only down 0.7 percent from last July, totaling 5,165 this year, but were down 9.5 percent from June. However, the months’ supply over a 12-month period increased from 3.2 months in June to 3.3 months in July.

The median sales price continued to creep up reaching $259,000, a 4.9 percent increase from the median sales price in July 2016 of $247,000. However, it dropped 2.3 percent compared to June’s median price of $265,000.

The average sales price rose 5.3 percent from last year to $321,000, but is down 1.2 percent from June 2017.

“Home values are rising at reasonable levels, and the Atlanta market has stayed accessible to both buyers and sellers,” Atlanta Realtors President Bill Rawlings said. “The local market has consistently had around a three-months’ supply for the past year, with sale prices improving reliably yet without the rapid acceleration of some other major cities.”

 

July 2017 July 2016 % Change
Total Home Sales 5,223 5,572 -6.3%
Median Sales Price $259,000 $247,000 4.9%
Average Sales Price $321,000 $305,000 5.3%