Sales of Atlanta-area homes dropped 23.3% year over year to 5,838 in August, while the median sales price rose 13.6% to $408,000, the Atlanta REALTORS® Association reported.
Total housing inventory was up 32.8% from August 2021 to 12,075 units, while new listings totaled 7,999, representing declines of 10.1% from a year before and 8.2% from the preceding month.
Supply of homes increased to 1.9 months.
“On a positive note for buyers, inventory is now up nearly 33% over last year,” ARA President Karen Hatcher said in a press release. “While sales are now down, this still represents just under two months of homes available for sale which keeps us still deeply in a seller’s market.”
The ARA report covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.