The summer homebuying season seems to have ended in August

Total home sales in the 11-county Metro Atlanta region declined 16 percent from July to August, finishing the month at 4,652 sales, according to the latest numbers from the Atlanta Board of Realtors (ABR).

Though sales were up 8.4 percent from a year ago, the 16 percent monthly decline is more than double that of July, when sales fell 7.7 percent from June; with two straight months of pronounced monthly declines, it would seem that Atlanta’s strong summer homebuying season is winding down.

Positive Trends in Atlanta Housing

Despite August’s lukewarm sales numbers, there remain several positive trends in Atlanta’s housing market:

• Home sales are still positive by year-over-year measures, and were up 8.4 percent in August.
• Median and average sales price, at $225,000 and $291,000, respectively, were down 4.7 and 2.4 percent from July to August, but remained 2.3 and 6.6 percent above August 2014; those moderate gains are a positive sign for Atlanta’s market, which was in danger of overheating in 2014.
• Finally, housing inventory in Atlanta remained steady, though it is still historically low. At 16,818 units, August’s inventory was 2 percent above a year ago, and new listings, at 4,780, were up 1 percent (but down 14.4 percent from July). Inventory is currently at a 4.1-months supply.

Antoine – Atlanta Market “Remains Positive”

Ennis Antoine, the president of ABR, emphasized those trends with his comments in the association’s report.

“Average and median sales prices continue to show positive gains over 2015, as has been the trend the entire year,” Antoine said. “Inventory levels have been constant the past three reporting periods, at slightly over 16,500 units. Overall housing market conditions remain positive and on track with a normal, seasonally based market.”