Atlanta median home sales price rises

By Michelle E. Shaw

The Atlanta Journal-Constitution

The median sales price of a single-family home in metro Atlanta rose in the second quarter, according to a report by the National Association of Realtors.

Though the price is still down year-over-year, quarterly improvement is progress in the right direction, housing analysts say.

The metro Atlanta median sales price was $121,400 in the second quarter of 2009, up 5 percent from $115,600 the previous quarter. The current median sales price is 23 percent lower than it was this time last year, $158,300, according to figures released Wednesday by the Realtors association.

The median is where half sold for more and half sold for less.

Nationally, distressed sales – foreclosures and short sales – accounted for 36 percent of transactions in the second quarter, according to a news release from the association. That factor continued to weigh down median home prices because they typically are sold at a 15 to 20 percent discount; first-time buyers accounted for one-third of transactions, the group concluded. The national median existing single-family price was $174,100, which is 15.6 percent below the second quarter of 2008, the release said.