At $430,000, the median price represented a 19.4% gain from last year. The median sales price was $412,500 in April.
The pace of sales in May fell 8.3% year over year to 6,817 transactions, ARA reported, citing data from First Multiple Listing Service. Sales in April fell 13.8% year over year to 6,331 sales.
Housing inventory rose 9.5% year over year to 8,094 units in May, while new listings totaled 8,941, up 6.7% from May 2021 and 9.2% from April. The month’s supply over a 12-month period increased to 1.2 months from 1.1 months in April.
“We don’t expect any strong price correction coming soon even with the rising interest rates, due to the lack of inventory,” ARA President Karen Hatcher said in a press release. “Buyers on the lower end of pricing will be the most affected, simply because there is extremely low to no inventory of starter homes or affordable housing.”
The ARA report covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.