In May, Atlanta real estate sales declined for 23rd time in the last 33 months, while Atlanta home prices declined for the 18th consecutive month. Home sales in metro Atlanta’s most affluent areas have been hit harder in 2009 than the rest of metro Atlanta due to fewer foreclosures compared to the metro Atlanta area as whole. Tight credit has also played a role in the sales decline of the Beacham Bellwether index, which was down 32% in May. Meanwhile, sales for metro Atlanta were down a relatively modest 15%. There were reasons for optimism in May however; Atlanta housing inventory was down 16,000 units from a year ago and the region recorded the first year-over-year increase in pending sales in three years.
