Georgia FMLS home sales fall 20.2% in October; median price holds at $395,000

ATLANTA Home sales across the FMLS footprint in Georgia fell 20.2% from a year earlier in October, with 4,911 closings at a median price of $395,000, unchanged from $395,000 a year earlier.

Over the 12 months through October, 70,269 homes sold at a median of $400,000, even with the prior 12 months.

Pricing stayed negotiable: 53.4% of October sales closed below list, 43.3% followed at least one price cut, and the median home sold for 98.7% of its final list price after a median 34 days on the market.

Sellers added 10,513 new listings in October, down 8.5% from a year earlier, while buyers signed 4,632 contracts, down 20.1%.

With 30,092 active listings as of 1:20 p.m. ET Nov. 14, the footprint held 6.1 months of supply at October's sales pace, which our bands read as a buyer's market. On the 12-month pace the figure is 5.1 months.

Local markets did not all follow the footprint. Among cities with at least 30 closings, the month's movers included Ellijay, where 31 homes sold at a $425,000 median, down 15.0%; Cartersville, where 72 homes sold at a $335,000 median, down 13.3%; Stone Mountain, where 69 homes sold at a $285,000 median, up 14.0%; and Sandy Springs, where 52 homes sold at a $798,900 median, up 10.2%.