Home sales in August saw a nearly 10 percent drop compared to last year, according to the latest market report from the Atlanta Realtors Association.
Last month, 5,062 homes were sold in the Atlanta area, down 9.7 percent from the 5,606 homes sale in August 2017. This is also a 14 percent drop from July.
However, sales prices continue to show annual growth as the median home price grew 8.1 percent from $248,000 last year to $268,000 and the average sales price grew 9.5 percent $306,000 to $335,000.
The inventory crunch seems to be abating slightly as the amount of new listings are up 5.2 percent from last year. Total housing inventory totaled 14,812 in August, which is down 2.8 percent from last year but up from July’s total of 14,784.
“The Atlanta market continues to be very active, even with supply issues that keep sales from truly reflecting the local demand,” said ARA President Bill Murray. “Although the levels of recent monthly home sales roughly match last year’s levels, the steady rise in prices is an indication of strong continued demand and is great news for homeowners whose largest investment is their home.”