October sales of existing homes in metro Atlanta rose significantly compared to October last year, but median prices slipped 20 percent, according to the National Association of Realtors monthly estimates.
Walter Molony, a NAR spokesman, said homes under $100,000 were selling briskly in metro Atlanta, which helped push down the median price from $109,900 in October 2010 to $87,800 last month.
The most recent national median was $165,600.
Though prices have been trending down, the steep drop in Georgia was an anomaly, Molony said.
"When you see houses under $100,000, you are seeing mostly first-time buyers and investors," he said.
The good news in the NAR's report was that sales were up 33 percent in the state.
The numbers were not adjusted to account for normal seasonal up-and-down movements.
Lawrence Yun, NAR's chief economist, said the market nationally has been steady but low.
“Home sales have been stuck in a narrow range despite several improving factors that generally lead to higher home sales such as job creation, rising rents and high affordability conditions. Many people who are attempting to buy homes are thwarted in the process,” he said.
The NAR says constriction of credit is a significant factor in keeping home sales depressed.
About the Author
