Metro Atlanta cruised to the end of the home-buying season with a surge of purchases, the Atlanta Board of Realtors reported today.
Sales in June were up 9.5 percent from the month before and 17.1 percent from June of last year, according to the group’s monthly report on real estate in the 11 core counties of the region.
Ennis Antoine, president of the board, described the market as a “stable housing recovery,” and said that the recent, strong job growth in metro Atlanta is key to understanding housing.
“June residential sales were a great indicator of the improving economy,” he said.
The median sale price dipped just slightly, down 0.8 percent to $238,000 – perhaps a result of a modest, but long-awaited expansion in the number of homes listed for sale. For more than a year, the shallow pool of listings has been blamed for price increases and a lack of choices for new home buyers.
The supply of homes was up 3 percent during the month and 4.1 percent above the supply in June.
Overall, the long arc of prices in metro Atlanta has continued to rise, even if the pace of increases has clearly slowed. Last fall, year to year increases were still running in double digits. By May, the 12-month increase had moderated to 6.3 percent.
Last month, the median price was 3.9 percent above June of 2014, the board reported today.
With a disproportionate number of higher-end homes being sold, the average sales in June was $304,000, up 2 percent from May and up 6.3 percent from a year earlier.
About the Author
