"That is not good news, but it is not as bad as it might appear when you look at that negative 2.4 percent [monthly] drop," he said.
There are some positive trends in metro Atlanta, Grissett said.
"If you look at supply, price and demand, I am much more interested in what is going on with demand," Grissett said.
"We know we have excess inventory," he said, but the sooner buyers soak up that inventory, the sooner prices will stabilize.
Metro Atlanta home closings rose through the summer, according to SmartNumbers, a Kennesaw real-estate tracking firm. There were 4,138 closings in September, up nearly 25 percent from September last year and the fourth straight month that home sales increased at a double digit pace.
However, the average sales price was $162,491, 11 percent lower than the price in September of 2010, the firm said. That average price is about the same as in 1997.