September home sales cool in Atlanta, but prices still rise

by Rincey Abraham

As temperatures cool in Atlanta, so does the real estate market as home prices and sales fell in September, according to the latest report from the Atlanta Realtors Association.

Home sales fell in September to 4,517, which is down 7.9 percent from 4,906 last September and down 18.7 percent from the 5,555 homes sold in August 2017.

The median sales price in September was $243,000, which is down 2.0 percent from August but up 6.6 percent from September 2016’s median sales price of $228,000. The average sales price was $301,000 in September 2017, down only 1.6 percent from August and up 6.0 percent from last year’s average sales price of $284,000.

Inventory continues to be tight as the month’s supply over a 12-month period decreased to 3.1 months. Total inventory in the Atlanta area was 14,980 units in September, which is down 7.7 percent from September 2016. New listings totaled 4,450, which is 11.5 percent below September 2016 and 10.1 percent below August 2017.

“The summer cycle has ended, and prices have adjusted slightly downward as expected into the fall market,” said Bill Rawlings, Atlanta Realtors president. “Sales continue to outpace new listings, however, maintaining a moderately tight supply of available homes over the last few months.”