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. 

What does the latest S&P CoreLogic Case-Shiller Index reveal about Atlanta real estate?

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.

Nationally, the index posted its highest annual increase ever.

With affordability reduced, some buyers are pulling back from the market forcing sellers to adjust their price expectations.

The county far outpaced its neighbors in terms of housing starts, closings and lot deliveries in the first quarter, according to a new report from asset manager and developer St. Bourke.