Home sales and prices in metro Atlanta moved ahead solidly last month, although the change from a year ago were modest, according to a report today from the Atlanta Board of Realtors.
The number of sales were up 6.9 percent in May from the month before in the 11 counties used by the board to define the region.
Median sales price for the month was $250,000 – up 4.2 percent from April.
Compared to May a year ago, total sales were up 3.4 percent and median prices up 4.2 percent.
“The overall Atlanta market seems to be experiencing healthy growth and absorption of existing inventory,” said Lane McCormack, board president.
Inventory – that is, the number of homes for sale – continues to be a problem. That is, in a healthy, balanced market, the number of homes for sale usually represents about seven months of sales.
May’s inventory rose slightly, according to the board. Inventory over the past 12 months represents 3.4 months of sales.
“In many markets in the city, inventory levels are still low relative to the demand,” McCormack said.
The data was compiled for the board by First Multiple Listing Service.
Gwinnett led the area with the most sales during the month.
The top four counties, the number of sales and their media price of a sale:
Gwinnett — 1,086, with a median price of $215,000.
Cobb – 973, with a median price of $257,000.
Fulton – 952, with a median price of $384,000.
DeKalb— 692, with a median price of $290,000.
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