Heading into the cooler fall season, home sales in Atlanta are also cooling down for the year. According to RE/MAX Georgia’s August housing report, home sales fell to 8,386 from July’s 9,362 sales. This is also down 7.1 percent from last August’s 9,029 home sales.
“Home sales around the country typically begin to cool off during the month of August. However, greater Atlanta’s housing market slowed down at a much faster pace than the national average – an August trend we’ve experienced the last couple of years,” said John Rainey, vice president of RE/MAX Georgia.
Demand for homes, however, is still strong as homes spent an average of 38 days on the market, down four days from last year and up only one day from July. In fact, the months supply currently sits at 2.6 months, down from 3.0 months last August and 2.8 months in July 2018.
With the high demand, homes saw increases in sales prices. The median sales price in the area is up 8.1 percent, from $245,000 last August to $264,900. It is also up from July’s median sales price of $260,000.
“Local home sales may have slowed down but the region’s median sales price continues to more than double the year-over-year growth of the national average,” Rainey said. “Price increases, along with very low inventory, are greatly affecting our market.”