The Atlanta home sales market is seeing the strain of low inventory as home sales dropped by more than 15 percent in September on an annual basis, according to RE/MAX Georgia’s September report.
Home sales fell 15.1 percent from 7,889 homes sold last September to 6,698 this year. It also saw significant month-over-month declines as August saw 8,915 homes sold in the greater Atlanta area.
On a county-specific basis, Clayton County saw the biggest share drop with a 24 percent decline compared to last year, followed by Fulton County with a 19 percent drop.
However, Fulton County saw the biggest increase in median sale prices with a 14 percent increase from $305,000 last year to $349,000. DeKalb County was not far behind with median home prices rising from $256,500 to $291,000, a 13 percent increase.
“A 15 percent decrease in home sales year-over-year in metro Atlanta is a significant reduction and much more than the national average,” said John Rainey, vice president of RE/MAX Georgia. “While home sales traditionally continue to decline in the fall, what we’re seeing locally is unusual.”
Home prices grew on both a year-over-year and month-over-month basis, up 9.2 percent to $238,093 from $218,000 last year and $236,000 in August.
Months supply is up from August’s 2.8 months to 3.1, but is down compared to last September’s 3.6 months. And homes across the Atlanta area continue to move quickly, with a home spending an average of 42 days on market from listing to signed contract, down five days from September 2017
“Potential homebuyers have battled historic lows in months supply of inventory, rapidly rising prices and ever-shrinking days on market,” Rainey continued. “And now they’re confronted with rising interest rates. It’s definitely still a sellers’ market in the region.”