Atlanta’s housing market saw a month-over-month decline in sales prices in January, even as supply continued to shrink, falling to just 0.9 of a month at the current rate, Atlanta REALTORS® Association reported. 

Home sales were also down, falling 8.8% year over year and 34.2% month over month to 4,289 transactions, ARA reported, citing data from First Multiple Listing Service. Inventory fell 24.2% year over year to 6,240 units in January, while new listings hit 6,166, a 24.1% jump from December and a 12.3% decline from January 2021. 

While sales prices were down monthly, they were still much higher on an annual basis. The median sales price of a home in Atlanta was $375,000, which represents a 23% year-over-year increase and a 0.5% month-over-month decline, while the average sale price was $438,500, representing a 16.9% annual rise and a 1.2% monthly drop. 

“It’s worth noting that 2022 will be the first year of somewhat normalized data, in that it’s not being compared to 2020,” Atlanta REALTORS® Association President Karen Hatcher said in a press release.  “Carrying over from the strong trend at the end of last year, sales continue to show a year-over-year decline, as the inventory that’s making it to the market just isn’t sufficient to meet demand.”

The ARA report covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.