Atlanta home prices slip from August

For Sale sign 1More evidence that the normal is coming, even if it’s taking its darned time.

According to RE/MAX of Georgia, home prices and sales dipped in September, but were much stronger than in the same month a year ago.

The median sales price for the month was $205,000, down 2 percent from August, but 4 percent higher than the median in September of 2014, RE/MAX said in its monthly report today.

There were 5,247 closings during the month – 20 percent fewer than a month earlier and 20 percent more than during September of last year.

“Home sales slowed down in September, which was expected as we head into the fall season,” said Jeanette Schneider, senior vice president at RE/MAX. “What is encouraging is that activity was up over last September, home prices are stable and mortgage rates remain low. This provides good home affordability to those looking to get into the market.”

Those first-time homebuyers have, in general, been lacking.

As for the supply of homes for sale – something the experts have decried as insufficient for more than a year – that improved a bit from August and from a year ago as well. That inventory was up 5 percent from a year ago, RE/MAX reported.

That supply of listings for sale represented about 4.1 months of sales. In a healthy market, there is typically six or seven months worth of listings, experts say.

 

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