Atlanta ranked No. 5 among the 49 largest U.S. cities for the number of homes sold in August despite a 9.2% year-over-year decline in transactions, according to the most recent RE/MAX National Housing Report.    

Closed sales fell to 6,561 transactions from 7,226 in August 2023. New York, Chicago, Dallas and Houston took the top four spots, respectively.    

Atlanta also ranked fifth in the U.S. for active inventory, which surged 44.9% year over year to 23,582. Miami, Houston, Dallas and New York took the top spots, respectively.    

The median sales price in Atlanta slid 1.3% on a monthly basis and 0.4% on a yearly one to $396,430. 

“The housing market in Atlanta has cooled down, moving towards more favorable conditions for buyers compared to the hectic pace of recent years,” RE/MAX Around Atlanta Broker/Owner Kristen Jones said. “Although there has been a drop in closed transactions, Atlanta still holds the fifth spot in the nation for the highest number of closed deals. 

“Should the Federal Reserve implement a rate cut … it would provide relief for many first-time home buyers who are concerned about high interest rates. This could also encourage more new buyers to enter the market.” 

Nationwide, home sales slid 3.3% on a monthly basis and 3.8% on a yearly one, while new listings were up 7.9% year over year. The national median sales price was down 1.1% from July but up 3.5% from August 2023, at $440,000. 

“While we saw a slight dip in sales month-over-month, the market continues to show resilience with some year-over-year price growth,” RE/MAX President Amy Lessinger said in the report. “The rise in new listings signals that more homeowners are recognizing the value of listing in today’s environment. Buyers and sellers alike can find opportunity, especially with a steady flow of homes entering the market.”