Atlanta Home Sales Down in June as Inventory Tightens

The lack of homes available for sale combined with rising prices led to a slower housing market, according to the Atlanta Realtors’ June report.

Home sales dropped 2.1 percent compared to last year, from 6,099 in June 2016 to 5,974 in June 2017. This is down 1.8 percent from May’s total of 6,086. However, this is still higher than in June 2015, which saw 5,742 home sales.

Inventory fell 4.9 percent year-over-year to 15,498 units. New listings totaled 5,731, which is down 2.0 percent from last year and 2.9 percent from May 2017. However, the month’s supply over a 12-month period increased from 3.1 months in May to 3.2 months in June.

The lack of inventory has driven up competition for homes as well as home prices. The average and median sales prices continued to outpace 2016 with median sales prices growing from $250,000 in June 2016 to $267,000 in June 2017, a 6.8 percent increase. Average sales price saw similar gains, rising from $307,000 last year to $327,000, a 6.5 percent increase. On a month-over-month basis, median sales prices grew 3.9 percent, while the average sales price grew 2.2 percent.

“The number of year-over-year transactions maintains a pace that tracks with the overall economy and prices continue an even stronger recovery trend as the inventory levels remain at about 3 months, which is tighter than last year and a sign of a healthy local market,” said Atlanta Realtors President Bill Rawlings.

 

June 2017 June 2016 % Change
Total Home Sales 5,974 6,099 -2.1%
Median Sales Price $267,000 $250,000 6.8%
Average Sales Price $327,000 $307,000 6.5%

 

June 2017 May 2017 % Change
Total Home Sales 5,974 6,086 -1.8%
Median Sales Price $267,000 $257,000 3.9%
Average Sales Price $327,000 $320,000 2.2%