More Atlanta homes hit the market in October, fewer sold

ATLANTA Supply and sales moved in opposite directions in Atlanta in October. Sellers added 1,320 new listings, 62.6% more than a year earlier, and closings dropped 24.2% to 638.

The October median sale price was $415,000, down 1.2% from a year earlier.

With 4,469 active listings as of 1:20 p.m. ET Nov. 14, Atlanta had 7.0 months of supply at October's closing pace, which our published bands read as a buyer's market. On the 12-month sales pace the figure is 5.7 months, which falls in the balanced (4 to 6 months) band.

The median home closed at 98.0% of its final list price in October, against 98.5% over 12 months. Sales below list made up 59.2% of the total. A price cut came before 41.1% of sales, compared with 36.5% over the year.

Buyers signed 605 purchase contracts in October, against 838 a year earlier, a sign of how closings may track in the months ahead.

Across the trailing 12 months, 9,356 closings produced a median price of $439,046, up 2.1% from $430,000 in the prior 12 months.

Homes that sold in October spent a median 33 days on the market, slower than the 12-month median of 30 days.

Countywide, Fulton County closed 846 sales at a $480,000 median, up 4.6% from a year earlier.