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The Atlanta metro area’s housing market is experiencing something of a seesaw, with fewer home sales but more expensive home prices.
According to data from the Atlanta Realtors Association that covers the 11-county market, there were 5,232 residential sales in the Atlanta metro area last month, down seven percent on a year-over-year basis. And the local housing inventory totaled 16,509 units in July, a year-over-year decline of 1.2 percent, with 5,199 new listings, an 11.1 percent decline from June and a 6.9 percent from a year ago.
However, the median sales price in July was $250,000, up 6.4 percent from July 2015, while the average sales price was $307,000, up 3.4 percent from the previous year. But Lane McCormack, president of the Atlanta Realtors Association, was not concerned about the increased sales prices.
“While the median sales price continues to rise, Atlanta is still one of the most affordable cities in the U.S.,” McCormack commented.