After months of declines, Atlanta home sales saw a slight increase in July on a year-over-year basis, according to the latest report from RE/MAX Georgia.
Home sales in the Greater Atlanta area grew 2 percent from 8,829 in July 2017 to 9,006 in July 2018. However, it is a slight decline from last month’s 9,770 homes sold.
Days on market stayed steady from last month at 37 days, but is down five days from last year. And inventory increased slightly from last month with a 2.6-months supply in July, up from 2.5-months in June but down from 3.1-months in July 2017. This continues to stay lower than the national average of 2.9 months.
Last month saw the median sales price in Atlanta hit a record by crossing the $250,000 mark for the first time. In July, home prices slipped below that mark with the median sales price reaching $246,060. But this is an 8.4 percent increase from last July’s median of $240,000.
“The greater Atlanta housing market is quickly becoming one of the hottest in the country. The region’s median sales price grew at a rate, year-over-year, that’s nearly double the national average,” said John Rainey, vice president of RE/MAX Georgia.
Home prices are soaring in certain counties – specifically Clayton County, Cobb County and Gwinnett. The only county that saw a drop in median sales price was Fulton County, which fell 4 percent year-over-year.
“Importantly, the median sales prices in many of our submarkets experienced double-digit percentage growth when compared to July 2017 including Clayton County at 14 percent, Cobb County at 13 percent and Gwinnett County at 12 percent,” Rainey said. “As we enter the annual slower selling season, we’re anxiously waiting to see if supply and demand will rebalance closer to traditional levels.”