Home sales in Atlanta surged 26.9% in March with 6,585 transactions, compared to 5,190 in February, Atlanta REALTORS® Association reported.   

Despite the monthly jump, sales were still down 11.3% compared to a year earlier. 

At the same time, the median sales price rose 3.9% on a monthly basis to $395,000, ARA reported, citing data from First Multiple Listing Service. That’s 19.7% higher than the year-ago figure of $330,000.  

Housing inventory fell 9.2% year over year to 6,478 units, representing a one-month supply, while new listings totaled 8,280 units, up 24.2% compared to February but down 9.2% relative to March 2021. 

“Rising interest rates may have deterred or delayed some buyers, but across price points, demand is still far outpacing supply,” Atlanta REALTORS® Association President Karen Hatcher said in a press release. “Relatively small increases in mortgage rates over the past three months haven’t correlated to significant impacts on home sales, let alone relief for rising prices.” 

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