The number of homes sold in September fell 9.8% from August to 5,680 properties, which was 21.9% lower than the 7,274 homes sold a year earlier.
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The median price first topped $400,000 in May, when it rose 3.6% from April to hit $409,400. It rose again in June to $411,375 before beginning its retreat last month.
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Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.
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Other market metrics, including sales volume, units sold and new listings also declined on a month-over-month basis.
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Inflation and high mortgage rates are impacting potential homebuyers which means fewer sales, more supply and a drop in home prices.
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Home prices rose 3.9% month over month and 23.1% year over year to hit that milestone, RE/MAX said.
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The shift comes at a great cost as rising mortgage rates continue to keep buyers out of the market.
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New data indicates the Atlanta real estate market remains hot, despite worries about rising interest rates.
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Despite those challenges, there are signs the market continues to shift toward more seasonable norms.
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