The demand for homes in the Atlanta area has continued through June, leading to rising home prices across the city. However, home sales still fell as inventory remains low.
Home sales have fallen 10.9 percent compared to last year, the Atlanta Realtors reports in their June 2018 report. In May, Atlanta saw 6,367 single family home sales, but June came up short with only 5,671.
Atlanta has seen rising median home prices every month since 2015. Up 7.5 percent from 2017, Atlanta’s median home price for June 2018 is $285,000, but the average price for an Atlanta home is $353,000, almost 9 percent higher than last year, and the largest jump the city has seen in several years.
Despite a low demand, home inventory remains low and falling on an annual basis. In June 2018, Atlanta’s active listings totaled 14,396, a 7.1 percent decrease from June 2017. Atlanta saw its worst inventory fall in May 2018, when its active listings fell over 26 percent compared to May 2017.
Even though the monthly report shows decreasing demand and supply with increased prices, Bill Murray, the president of Atlanta Realtors, remains optimistic about the Atlanta market, saying the median housing price increase is a result of buyer enthusiasm, not falling supply.
“If the consistency in home inventory over the past months was because of a waning buyer interest, price growth would start slowing. Instead, buyer enthusiasm continues to move prices upwards,” Murray said.