Last month, the Georgia capital saw 5,671 residential sales, down 8.3 percent from May and down 10.9 percent from the previous year. The median sales price in June was $285,000, a 1.1 percent uptick from May and a 7.5 percent from June 2017. The average sales price was $353,000, up 2.9 percent from the previous month and up 8.6 percent from the previous year.
Atlanta area housing inventory totaled 14,396 units in June, a decrease of 7.1 percent from one year earlier. New listings totaled 5,638, up 8.4 percent from the previous month but 1.6 percent lower on a year-over-year basis. The month’s supply over a 12-month period increased to three months.
“We are seeing a leveling out of the inventory of available homes, which is due to the supply available and not due to a weakening demand,” said Bill Murray, President of the Atlanta Realtors Association. “If the consistency in home inventory over the past months was because of a waning buyer interest, price growth would start slowing. Instead, buyer enthusiasm continues to move prices upwards.”