Metro Atlanta home sales in August were up 11.9 percent from the same month a year ago, but the supply of listings faltered, according to a housing report out Friday afternoon.
With the peak of the sales season typically coming earlier in the summer, prices and sales were down modestly from July. However, the overall trajectory of year-to-year increases continued.
Homes prices were also up, MLS said.
The median sales price during the month was $187,000, a 5.7 percent increase from a year ago. The average sales price was $239,986 in August, up 5.2 percent from a year ago.
The highest priced homes in metro Atlanta were in Forsyth County, which boasted a median sales tag of $294,000. The lowest-priced homes were in Jasper County, which checked in with a median sales price of $90,900.
The month’s report was a sign that the market was still continuing its long, slow recovery from the devastating crisis that followed the burst of the housing bubble.
But one indicator remained a sticking point.
For more than a year, experts have been warning that inventories – that is, the number of homes listed for sale – have been an obstacle to complete recovery. Inventories in a healthy market should represent about seven months of sales.
Inventories in August were 4.1 months, up very slightly from July, but down from 4.49 months a year ago, according to MLS.