Nationwide, sales hit their highest level of the year, rising 4.7% from June but falling 17.6% on a year-over-year basis, RE/MAX said. 

July saw the NAHB/Wells Fargo Housing Market Index post its second-largest monthly drop ever, as worries about housing affordability dampened builder sentiment. 

The number of homes sold dipped 1.5% compared to May, Georgia MLS reported. 

Housing inventory was also falling in the most recent Housing Scorecard.

The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.

The median home price in the Atlanta area jumped 19.4% year over year to $430,000 in May, despite a sharp rise in interest rates since the beginning of the year. 

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The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Atlanta topped the list with 1,628 iBuyer home sales in the first quarter, accounting for 6% of home sales in the market over that period.

Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

Home prices rose 3.9% month over month and 23.1% year over year to hit that milestone, RE/MAX said.

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

The median sales price of an Atlanta home was up 20.6% from a year earlier, at $409,400, Georgia MLS reported. 

Home sales and days on the market in Atlanta both declined.