Demand: July residential sales were at 5,232, a decrease of 7.7% from the previous year.*
Price: Average and median sales prices continue to gain traction and outpace 2015’s figures, with positive gains. The median sales price in July was $250,000, an increase of 6.4% from last July. The average sales price was $307,000, up 3.4% from the previous year.
Supply: Atlanta area housing inventory totaled 16,509 units in July, a decrease of 1.2% from July 2015. New listings totaled 5,199, down 6.9% from July 2015 and down 11.1% from the previous month. The supply for sales over a 12 month period increased to 3.7 months.
A Word from 2016 Atlanta REALTORS® President Lane McCormack: “Interest rates and housing inventory continue to remain at historic lows and demand continues to remain strong as year-to-date sales outpace 2015 by 6.5%. As we begin to approach the fall, now is the time to stay in the market as a buyer and/or seller. While the median sales price continues to rise, Atlanta is still one of the most affordable cities in the US. It is important to list with a REALTOR now as the days on market for all listings in the Metro Atlanta area is just over 90 days!”