Atlanta REALTORS, the largest association of its kind in Georgia, released its August 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: August residential sales were at 5,062, a decrease of 9.7% 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 August was $268,000, an increase of 8.1% from last August. The average sales price was $335,000, up 9.5% from the previous year.

Supply: Atlanta area housing inventory totaled 14,812 units in August, a decrease of 2.8% from August, 2017. New listings totaled 5,208, up 5.2% from August, 2017 and down 2.9% from the previous month. The month’s supply over a 12-month period increased to 3.0 months.

A Word from 2018 Atlanta REALTORS President Bill Murray: “The most significant challenges facing the housing market stem from insufficient inventory, where new home construction is not keeping up to meet demand. I expect that over the coming year, home sales will remain robust with an anticipated rise in inventory that will help moderate price growth.”