Home inventory still tight, sales slip

The number of homes sold in metro Atlanta continues to fall, as prices rise.

Sales were down 6.5 percent year-over-year in October, the most recent month available, according to just-released data by the Atlanta Board of Realtors. At the same time, October prices were up 35.5 percent from 2012.

The trends were consistent with the past several months. There are fewer homes for sale, which drives competition and higher prices, but means it’s harder to find a home to buy.

Sales were also down from September to October, though just slightly. The flattening may be the result of normal seasonal trends, which have been absent for the market for several years.

The Atlanta Board of Realtors’ figures cover an 11-county region. In a statement, ABR president Nancy See said the silver lining is that rising prices continue while the decrease in sales moderates.

“Now that the holiday season is upon us, I expect that sales will be flat, while prices remain stable,” she said.

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