Home sales climbed 8.7 percent in July from the same month a year earlier continuing the strength of earlier months, according to a report Tuesday from the Atlanta Board of Realtors.
Total inventory ticked up 1.4 percent, and supply is currently holding at 4.1 months, a figure that is still near historic lows. New listings climbed 9.2 percent compared to July 2014.
The median sales price of $239,000 was up 6.2 percent from the same month last year.
“Housing prices continue to rise as inventory remains low and in demand,” Atlanta Board of Realtors President Ennis Antoine said in a news release, crediting in part low mortgage interest rates. “The Atlanta job market remains strong and will continue to drive the demand for housing.”
The ABR report covers 11 core metro counties.
The Atlanta region is still digging out of a housing and financial crisis that resulted in a historic spike in foreclosures, wrecked property values, eroded household wealth and pummeled local and state government coffers.
Home sales have improved with the overall jobs market, and low mortgages rates and improved consumer confidence also have helped. But many would-be homebuyers continue to rent for a variety of factors, including high housing costs, difficulty saving for a down payment and tough mortgage standards.
The metro Atlanta recovery also has been uneven. The issue of homeowners being underwater, or owing more on a mortgage than their home is worth, is particularly troublesome for areas generally along and south of I-20 or in outlying areas.
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