Courtesy of the Atlanta REALTORS® Association.

Sales of Atlanta-area homes dropped 27.7% year over year to 3,840 transactions in February, while the median sales price rose 1.8% to $387,000, the Atlanta REALTORS® Association (ARA) reported.    

Total housing inventory rose 39.9% from February 2022 to 9,230 units, while new listings totaled 5,416, representing declines of 22.8% year over year and 5% month over month.   

“We continue to be challenged by extremely low inventory levels and the changes in mortgage interest rates,” ARA President Michael Fischer said. “Despite an increase in the number of active listings, our month’s supply, which is the measure of inventory vs the number of homes sold, has been trending lower over the past few months and is now down to 1.7 months.” 

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