Atlanta’s market cooled at summer’s close as listings and sales slowed, according to new data from Georgia MLS.

In August, 4,594 units sold in Atlanta, a 7.1% decrease compared to the same month last year. Atlanta saw a month over month unit sales decrease as well (11.7%).

New listings fell to 8,454, marking a 5% yearly decrease and 9.8% monthly decrease.

The median sales price grew slightly compared to last year, hitting $405,450. However, that still marks a 2.3% decrease from July.

“After a strong push into summer, activity has tapered off as inventory levels rise and interest rates hover around 6.5%. With the Fed expected to meet this month, even a small rate cut could spark late-year momentum,” GAMLS said. “For now, buyers have more leverage than in recent years: Inventory is up, median sales prices are dipping and homes are averaging 70 days on the market — creating more room for negotiation.”