Atlanta home prices, sales and supply all chill in August

DeKalb 681 ………… $252,000

Fulton 908 …………. $365,000

Gwinnett 1,155 ..…… $218,000

Source: First Multiple Listing Service, Inc., Atlanta Realtors Association

As the summer sizzled toward September, the number of home sales last month dipped along with the median price of homes sold, according to a report issued today.

The market continued to struggle with soft inventory – that is, the number of homes for sale is still much weaker than the amount of buyer demand for homes.

The report from the Atlanta Realtors Association concluded that in the 11-county Atlanta region, the median sales price for a home in metro Atlanta in August was $242,000, a 2.4 percent decline from the month before.

During the month there were 5,180 transactions closed, down 5.5 percent from July, the realtors group said, using calculations from First Multiple Listing Service.

“The Atlanta metro housing market remains robust through the summer months,” said Lane McCormack, president of the group. “Inventory remains low amid great demand. Buyers remain engaged and active in the market with remaining low interest rates.”

Over the past year, the market has continued to struggle with an imbalance – too few homes for sales relative to the number of people looking to buy. That is, of course, a formula likely to produce higher prices.

As it has.

And that balance is not improving.

Inventory – that is, homes for sale – in August totaled 15,994, the realtors report said. That is a drop of 6.1 percent from July and a decrease of 4.9 percent from August of last year.

And, as an economist might predict, the homes that are being sold are tending to sell at ever-high prices.

The August median sales price of a home sold in metro Atlanta was a solid 8.5 percent higher than August of 2015.

Compared to a year ago, the number sales increased slightly: there were 3.7 percent more completed transactions.

The county with the most action was Gwinnett: 1,155 homes sold during the month.

The county with the highest median price was Fulton: $365,000. Fulton also chalked up the highest average price: $465,000.