The price of housing in metro Atlanta rose more than the national average over the last year, according to a report released Wednesday.
The median sale price of a house in metro Atlanta rose 4.8% from a year ago, compared to a national increase of 4.3%, according to the National Association of Realtors.
The rising prices may be the result of a shortage of supply, rather than a lack of demand, the organization's chief economist, Lawrence Yun, said in a news release. Home builders must bring more affordable options to the market to counteract rising prices, he said.
From April to June 2019, the median house sold for nearly $240,000, while the median condo sold for about $209,000, according to the organization, which tracks a 29-county region.
The Atlanta Journal-Constitution previously reported that the pace of home sales in metro Atlanta also dropped dramatically over the last year.
The decrease in home sales provides a “silver lining” for potential homebuyers dealing with higher prices, Re/Max vice president Jeff LaGrange. “Homes are sitting on the market a bit longer, which gives buyers the opportunity to negotiate terms and concessions.”