The median sales price for an Atlanta home swung to positive territory for the first time in four months in July, rising 0.1% year over year to $420,500, the Atlanta REALTORS® Association revealed in its latest Market Brief.

At the same time, though, home sales slid 20.1% year over year to 4,717 transactions.

Total housing inventory also fell, slipping 20.5% from July 2022 to 10,169 units, while new listings totaled 6,842, representing a 23% decline year over year and a 10.4% decrease from June. Months’ supply, meanwhile, stood at 2.1 months.

“As the new school year begins and summer draws to a close, the market continues to mirror recent trends,” Atlanta REALTORS® Association President Michael Fischer said in a press release. “Closed sales are still low for the year and higher rates are pushing prices and days on market upwards. Well-priced and appealing properties are swiftly changing hands, but buyers, grappling with rising interest rates, are exhibiting hesitance in pushing their budgets higher.”  

The Atlanta REALTORS® Market Brief, compiled by First Multiple Listing Service, covers 11 metro-Atlanta counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding.