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Atlanta home demand drops while prices continue uptick

home for saleAtlanta’s housing market isn’t following the typical rules of economics.

According to the Atlanta Realtors (ARA) Market Brief on residential housing statistics for 11 area counties in metro-Atlanta, September demand dropped while prices continue to uptick.

September residential sales were at 4,383, a decrease of 1.9 percent from the previous year. However, average and median sales prices continue to gain traction and outpace 2015’s figures, with positive gains. The median sales price in September was $230,000, an increase of 6 percent from last September. The average sales price was $289,000, up 4.3 percent from the previous year.

Atlanta area housing inventory is down. There were 16,222 units in September, a decrease of 1.8 percent from September 2015. But, new listings totaled 5,031, up 11.1 percent from September 2015 and up 3 percent from the previous month. The supply for sales over a 12-month period remained at 3.5 months.

Atlanta Realtors President Lane McCormack said inventory remains near an all-time low with an average days on market of residential property at 3.5 months.

“With sales continuing above 2015 levels and prices up 4.3 percent year over year, it remains a seller’s market in many locations,” she said in a statement. “…Buyers should understand, with a lack of inventory, the market will remain tight with increasing prices until more inventory is available.”

The Atlanta Realtors covers the 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding. The numbers are compiled using data from First Multiple Listing Service Inc.

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