The median sales price for homes in Atlanta topped $400,000 for the first time in April, Atlanta REALTORS® Association reported. 

At $412,500, the median price represented a 20.3% gain from last year. The median sales price was $395,000 in March. 

The pace of sales fell 13.8% year over year to 6,331, ARA reported, citing data from First Multiple Listing Service. There were 6,585 sales in March following a 26.9% jump over February. 

Housing inventory fell 6.2% year over year to 7,245 units in April, while new listings totaled 8,153, down 11.7% from April 2021 and down 2.1% from March. The month’s supply over a 12-month period increased to 1.1 months from 1 month in March. 

“While interest rates are rising, they are historically still low,” ARA President Karen Hatcher said in the release. “We are continuing to see multiple offers on homes and offers above the list price. Buyers should continue to stay prepared for a search that could take months.” 

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