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.

The median sales price, meanwhile, was down month over month and up year over year. 

The National Association of REALTORS® said its Pending Home Sales Index rose 4.8% month over month. 

The city moved up one spot from its May ranking, despite a significant drop in sales, according to RE/MAX.

At the same time, sales fell almost 14% on both monthly and annual bases. 

The record-breaking sales price comes as the pace of transactions slid from April, the National Association of REALTORS® said. 

The city also ranked fifth for year-over-year increases in new listings, RE/MAX said, citing its National Housing Report. 

Sales by unit, meanwhile, were up on a monthly basis but down on an annual one. 

The S&P CoreLogic Case-Shiller U.S. National Home Price Index has hit a new record for six of the last 12 months, as demand remains strong in the face of tight inventory.