Atlanta Home Sales and Prices Fall in July

Original article from the Atlanta Journal-Constitution, by Christopher Quinn

July home sales and prices in 11 metro Atlanta counties dipped slightly from June, the Atlanta Board of Realtors reported Monday.

Sales slipped 2.5 percent to 4,530 homes from June’s 4,644. Median sales price dropped from $230,000 to $227,000.

The numbers could be adjusted upward if additional closings for the month get reported, as happened in June, said ABR President Todd Emerson.

“While sales for June initially reflected a decrease in sales year over year, the updated information based on additional reported closings now reflects a light increase over 2013,” he said.

Emerson said the market continues to move slowly toward a balance between homes for sale and buyers.
John Hunt, of Atlanta real estate analysis firm SmartNumbers, said a week ago that a healthy balance between buyers and sellers usually leaves about a six-month supply of homes on the market for sale. The market has been tight during and after the recession. There is about a 4.5 month of supply now. But that is picking up about a tenth of a point monthly, which means supply could be balanced within a year, he said.

Though July’s numbers dipped a bit, the Atlanta housing market has been picking up momentum. Home values have been improving.

ABR’s numbers show that the median sales price this July is $15,000 higher than a year ago.