Atlanta REALTORS, the largest association of its kind in Georgia, released its May 2018 Market Brief on residential housing statistics for 11 area counties in metropolitan Atlanta. The Market Brief, compiled by First Multiple Listing Service, provides the only regionally-focused synopsis of monthly sales and home prices for single family residential properties.

Demand: May residential sales were at 5,838, a decrease of 4.7% from the previous year.

Price: Average and median sales prices continue to gain traction and outpace 2017’s figures, with positive gains. The median sales price in May was $282,000, an increase of 9.7% from last May. The average sales price was $344,000, up 7.5% from the previous year.

Supply: Atlanta area housing inventory totaled 13,156 units in May, a decrease of 10.2% from May, 2017. New listings totaled 5,202, down 6.6% from May, 2017 and up 5.6% from the previous month. The month’s supply over a 12-month period increased to 2.7 months.

A Word from 2018 Atlanta REALTORS President Bill Murray: “The economy is very healthy and job growth is holding strong, keeping the demand for homes robust. However, the Atlanta market needs more new and existing homes available for sale to allow home prices to moderate enough for potential home owners to continue to have choices available.”