Atlanta’s home sales slip in August, Re/Max says
The end of the summer meant declining sales, dipping prices and continued drop in listings of homes for sale in metro Atlanta real estate, according to a report issued by Re/Max on Tuesday.
The expected cooling of the market followed the usual patter, said John Rainey, a vice president with the company.
“Atlanta’s housing market is following the seasonal and national trends for the year,” he said. “If seasonal trends hold true, we may see further slowing in homes sold as we approach the fall.”
The results from Re/Max echo those from the Atlanta Realtors Association, as reported earlier this week by the AJC.
Re/Max’s turf and the resulting data do not quite match up with those in the Realtors report, but the numbers are similar.
The number of sales in August slid from 8,765 to 8,545 in August, Re/Max said.
During the month, the median sales price was $224,000 compared to $226,190 in July.
Compared to a year earlier, home sales were down 4.2 percent4 and the median price of a home was up 6.7 percent, Re/Max said.
Meanwhile, the longstanding imbalance between demand and supply continued to bedevil metro Atlanta’s market.
In August, the list of homes for sale represented 2.7 months of home sales, down from 2.9 months in July and 3.4 months in August of last year.
Experts typically say that in a healthy, balanced market there is a supply of six or seven months worth of homes for sale. When the number is much smaller, the bargaining advantage swings toward the seller.
“Sellers who have a marketable home will sell quickly and for the right price,” Rainey said.
Homes sales by county
Difference from last year
Gwinnett -8.5%
Cobb 0.3%
Fulton -2.4%
DeKalb -2.7%
Clayton -22.5%
Source: Re/Max Georgia
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Median sales price by count
Gwinnett $227,000
Cobb $266,000
Fulton $328,375
DeKalb $270,000
Clayton $106,500
Source: Re/Max Georgia
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Michael E. Kanell, the AJC's economics writer, has been reporting on jobs, housing and the economy at the AJC for nearly two decades. He has appeared on television and radio to analyze and report on business and economic developments.
