Sales of Atlanta-area homes dropped 40.2% year over year to 3,973 transactions in December, while the median sales price rose 3.5% to $389,000, the Atlanta REALTORS® Association reported.
Total housing inventory rose 45.9% from December 2021 to 10,547 units, while new listings totaled 3,845, representing declines of 26% from a year before and 23.3% from the preceding month.
Supply of homes was flat compared to November, at 1.9 months.
“The Atlanta real estate market has been rebalancing over the last several months, with the number of listings increasing and the total number of sales cooling from the records set last spring,” ARA President Michael Fischer said. “Historically, housing is in short-supply, but more balanced conditions will present buyers with opportunities they haven’t seen in several months.”
The ARA report covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.