Home prices continue to rise last month in metro Atlanta, while the number of sales declined, according to the Atlanta Realtors Association.  In a report issued Wednesday, the group said that the median sales price of a home sold last month in an 11-county area was $239,000 – up 6.2 percent from the sale month of a year earlier. And here in the northern suburb up 7.2%.  However, the number of sales was down by that same percentage.  Compared to November, the median sales price was up 2.6 percent, the Realtors Association reported.

A big part of the explanation for the market is the shortage of inventory – that is, the number of homes for sale. That supply of homes for sale was just 3.1 months, less than half of what is considered the inventory in a healthy, balanced market.  “Low inventory continued to be an issue for Metro Atlanta throughout 2016,” said Bill Rawlings, president of the Atlanta Realtors.

Gwinnett county accounted for the most transactions during December – 893 – although Fulton led the way on price. The median price for a home sold in Fulton was $324,000 and the average was $432,000.  The calculations were made by First Multiple Listing Service.  Overall most experts anticipate homes sales and values will continue to increase, but at a slightly slower pace. It is likely that mortgage rates will continue to rise. 

                                                                                                             Sourced from AJC