The Atlanta real estate market followed the national trend of rising prices and tightening supply in August, according to the Atlanta Realtors Association. The decrease in supply also led to a drop in overall sales.
Residential home sales dropped 6.1 percent from last year and 5.5 percent from July 2017 with a total of 5,229 units sold.
The average and median prices increased on a year-over-year basis with a 5 percent increase from $238,000 in August 2016 to $250,000 in August 2017. However, this is down 2.7 percent from July’s $257,000.
The average sales price reached $309,000 in August 2017, up 3 percent from August 2016 but down 3.1 percent from July 2017.
Housing inventory in the city totaled 15,237 units, which is down 4.7 percent from August 2016. New listings were up 1.4 percent from August 2016 and up 4.1 percent from July 2017, reaching 4,951. The month’s supply over a 12-month period decreased to 3.2 months.
“Atlanta’s new listings have lagged behind the number of homes sold for a few months, which is keeping the housing market competitive,” said Atlanta Realtors President Bill Rawlings. “Nevertheless, sales are very strong, and we continue to be in a seller’s market in most price ranges across the city.”
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