A mixed message from the housing market today – but it was good news for sellers.
The median price for metro Atlanta homes sold in June was $234,490 – up 5 percent from a year ago and 1 percent from May, according to a report issued today by RE/MAX of Georgia.
But the number of homes sold took a tumble.
There were 5,302 homes sold during the month and that was down 9 percent compared to the same month a year ago, said RE/MAX.
Housing inventory – that is, the number of homes listed for sale – represented just 2.9 months worth of sales. That is less than half what experts say is a market balanced between buyers and sellers – it is, in other words, a seller’s market.
And it is 7 percent lower than the inventory number a year ago.
So fewer homes listed translated to fewer homes sold. But with the balance tilted against buyers, they were competing against each other, keeping prices on the rise, said Jeanette Schneider, senior vice president, RE/MAX of Georgia.
During the housing boom of a decade ago, many homeowners were ready to move up after just a few years in a house. That doesn’t seem to be happening at the same pace now, she said. “Many homeowners aren’t moving from their current homes, which is greatly impacting inventory.”
Those people who do sell are – on average – doing pretty well, she said. “Sellers can likely sell their home in a timely manner for more than they may have expected.”
The report's data is based on numbers from First Multiple Listing Service.
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