Home prices stay flat this month, but sales are way up from a year ago

Home prices were pretty much flat in metro Atlanta last month, according to a report released today by RE/MAX.

The price of a home sold inched up just 1 percent from October to November, but the price of a sale was 6 percent higher than a year ago – and the number of sales jumped significantly, the real estate company reported.

Some of the year-over-year boost came because buyers were worried about what the election would bring, said Jeanette Schneider, a senior vice president at RE/MAX of Georgia.

“Among other things, buyers looking to lock in rates and submit offers before the election likely played a role in the activity we saw,” she said.

The hottest markets were Lawrenceville and Marietta, which had the most transactions. But Atlanta and Marietta posted the highest increases in sale prices.

A look at the month:

— In November, there were 4,283 closed transactions, dipping slightly from October, but 32 percent more than the number of transactions in November of last year. In line with the increased pace, homes spent an average of 50 days on the market – six days fewer than a year earlier.

— In November, the median price for a home sold was $220,000. In October, it was $218,000.

— In November, 2015, the median price of a sale was $208,000, according to RE/MAX.

The supply side of the housing equation continues to raise questions. Inventory – that is, the number of homes listed for sale – has been a problem for the metro market for several years.

In November, the number of homes listed represented 3.9 months’ worth of sales. That was down 9 percent from a year ago, RE/MAX said.

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Top markets in the area, November 2016

City …………….number sold……… median price

Atlanta ………………. 446 ……………….. $350,000

Marietta …………….. 247 ……………….. $270,500

Lawrenceville ……… 232 ……………….. $186,750