Atlanta home prices kept rising in June, as the market continued to reflect the mismatch of higher demand and a relatively limited supply of homes for sale.
According to the monthly report of the Atlanta Board of Realtors, released today, the median sales price for single family homes during the month was $230,000 – up 10.6 percent from June of last year.
Last month’s price was also a 2.2 percent increase from the price the month before.
The report, based on data compiled by First Multiple Listing Service, counted 4,451 homes in June. That was a decrease of 4 percent from the month before and a dip of 1.2 percent from June of 2013.
The ABR report covers transactions in an 11-county area of metro Atlanta. The number of active listings – that is, homes for sale – in June was 16,192. That is roughly equal to 4.4 months of sales, which is several months shy of what is considered a normal supply.
WHY IT MATTERS
Home sales and values are important even to people who aren’t likely to sell or buy anytime soon. The state of the housing market contributes to the so-called “wealth effect” that helps drive the broader economy by making consumers either more bullish or less confident about purchases of all types.
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On MyAJC.com: Get expanded coverage of June home sales for subscribers.
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