Home sales fall in October

The chill of autumn has wafted through the housing market.

During October, the number of home sales dropped by 11 percent, while the median sales price dipped by 0.9 percent, according to the monthly report just released by the Atlanta Board of Realtors.

However, the market cools every fall. And compared to a year ago, the number of sales edged up by 0.5 percent while the median price was a solid 6.8 percent higher.

“Home prices and total sales remain on a steady upward slope compared to 2014,” said Ennis Antoine, president of the board.

111011 Atlanta, Ga; A for sale sign is shown out from of Jeff and Amy Kassen's three-bedroom home in the Brookhaven neighborhood Thursday afternoon in Atlanta, Ga., November 10, 2011. They have lived in this house for five years and have outgrown it. The Kassens are willing to take a beating on their sale, hoping to make it up in the value they gain when they buy another house at a bargain price. Jason Getz jgetz@ajc.com

Inventory – that is, homes listed for sale – continues to be a sticking point.

Experts have said inventory should represent about seven months of sales. However, listings have consistently been barely half that number for more than a year.

In October, inventory represented about four months of sales, Antoine said.

The month saw 3,926 sales. Gwinnett reported the most sales of any metro counties: 838, followed by Fulton with 718, Cobb with 701 and DeKalb with 522.

But when it came to median prices, the line-up changed.

Of those four core counties, the highest median price for homes was in Fulton, $335,000, followed by Cobb at $225,000, DeKalb at $212,000 and Gwinnett at $193,000.

Fulton had the highest average price: $406,000.

The data, which covers is compiled by the First Multiple Listing Service.

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