Two reports this week are singing harmony about the metro Atlanta housing market: there are fewer homes sold, while the ones that are selling are going for higher prices.
While the reports issued by both the Atlanta Realtors Association and Remax Georgia differ slightly, they tell similar stories and they start the same way — with a drop in inventory.
That is, the number of homes listed for sale has continued to slide.
Listings in June represented just 2.5 months of sales, down from 3.1 months in June of last year, according to Re/Max. That is less than half of what is expected in a healthy market, where listings often represent six or seven months of home sales.
"Low inventory continues to strain the greater Atlanta real estate market," said John Rainey, vice president with Remax. "There are simply not enough homes on the market to meet the ever growing demand."
The mismatch of supply and demand distorts a market, driving prices up. The most dramatic impact has been in Fulton County, where the median sales price last month was $400,000.
"That's 63 percent higher than the national average," Rainy said.
The second-highest prices were in DeKalb, where the median was $286,960, while Clayton had the least expensive homes with a median of $130,000, Remax said.
According to the Atlanta Realtors Association, overall prices were up 6.8 percent in the metro Atlanta region during the past year, while the number of sales dipped 2.1 percent fewer.
"The number of year-over-year transactions maintains a pace that tracks with the overall economy," Bill Rawlings, the association's president.
WalletHub, a Washington, D.C.-based consumer credit company, recently calculated a ranking of metro areas' attractiveness for first-time homebuyers. They factored in metrics meant to shine on a light on affordability, the vibrancy of the market and the areas' quality of life.
Among the metrics used by WalletHub were costs for homeowner's insurance, home values per square foot, rate of home price appreciate and the foreclosure rate.
Among the metros of more than 300,000 people, Atlanta ranked 15th most attractive for first-time buyers.
