The median price of a new home sold during the month was also up, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Sales slid 1% compared to August, the National Association of REALTORS® said. 

Multifamily starts, meanwhile, declined, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development said.    

October’s increase comes as inflation slows and mortgage rates decline. 

Atlanta also ranked fifth in the U.S. for active inventory, which surged 40% year over year.

Active listings, meanwhile, were up 2.6% on a monthly basis and 55.8% on a yearly one, at 18,180 listings, Georgia MLS reported. 

The latest reading of the National Association of REALTORS® Pending Home Sales Index shows a return to month-over-month growth after a decline in July.    

The 716,000 per-year rate of new-home sales topped the consensus estimate of 700,000. 

The 2.5% decline followed a 1.3% increase in July, according to the National Association of REALTORS®. 

The city also ranked No. 5 in the U.S. for active inventory, according to the latest RE/MAX National Housing Report.    

Specifically, prices rose 4.3% annually after growing by 4.7% in June. 

The pace of transactions was down monthly and yearly, according to the Georgia MLS. 

July’s seasonally adjusted annual rate of 739,000 represented a 10.6% jump from June’s upwardly revised rate of 668,000. 

The pace of home sales increased 1.3% from June after months of decreases, the National Association of REALTORS® said.      

Closed sales rose 7.1% year over year to 7,147 transactions, according to the most recent RE/MAX National Housing Report. 

The combination of rising inventory and price reductions in Atlanta and nationwide is creating a more buyer-friendly market.