But homebuyers that did buy new often shelled out more money than did buyers last year, a statistic that suggests the demand for pricey high-rise condos continued unabated last year.

NICK ARROYO / Staff Visitors Kelly Rich and son Jennings Camp enjoy the view from a rooftop deck at the Metropolis, a 1 1/2-year-old high-rise condominium complex in Midtown.   Related: COMPARE PRICES BY ZIP CODE • Complete Home Report 2004

In Buckhead, where growth and high prices have dominated over the past decade, a high volume of sales persisted, with the percentage of existing homes purchased up significantly from last year. In one area of established Buckhead, home resales spiked 90 percent.

In that same ZIP code -- 30326 -- 68 percent fewer new homes sold than last year.

After a decade of steady growth, it's not surprising that fewer new homes are selling, said Buckhead Coalition president and former Atlanta Mayor Sam Massell. There simply isn't space for more new development.

The median price of a new home in Buckhead also dipped from last year. New homes sold for $285,000 in the 30305 ZIP code, down 22 percent from last year. In the 30326 ZIP code, the median sale price went down 5 percent to $345,000. Existing homes sold for slightly more than last year, up 15 percent to $344,000 in the 30305 ZIP code and up 8 percent to $278,800 in 30326.

Even in areas where the sales volume of existing homes remained about the same, the number is still high. In the 30305 ZIP code, where the number of existing homes sold declined only 5 percent, 527 homes changed hands.

Massell, himself a former real estate agent, said these figures demonstrate that Buckhead property -- whether worth $300,000 or $3 million -- remains a hot commodity.

"This year, like years before that and years ahead, Buckhead is a growth destination, and it has continued a steady, sound expansion which I expect to continue," Massell said.

In Midtown, too, fewer people bought new homes in the past year, but the ones they did buy came with a heftier price tag. In the 30308 ZIP code, 62 percent fewer new homes changed hands, but they sold for a median price of $239,300, a 24 percent increase over the median price in the previous year.

A similar trend prevailed in the 30307 ZIP code, where 83 percent fewer new homes sold. The exception: in ZIP code 30313, the volume of new home sales was up 35 percent.

Susan Mendheim, president of the Midtown Alliance, attributed the high prices for new homes to consumer demand for residences in the heart of Midtown. People have been buying existing residences because new ones were in short supply. But, with several luxury high-rise condo complexes in the works, that's likely to change, she said.

David Haddow, president of Haddow & Co., a real estate consulting firm, said the continuing escalation of prices of new homes and growing number of resales represents an ongoing trend toward the reurbanization of the city.

"Both Buckhead and Midtown, but particularly Midtown, are becoming more urban from a residential standpoint, and people are buying it," Haddow said.

Metropolis, a year-and-a-half-old high-rise condominium complex at 933 Peachtree St. in Midtown, exemplifies the kind of growth the area has seen in the past year. The luxury development opened its doors to residents in November 2002, and condominiums have been selling -- and reselling -- like crazy ever since, said Metropolis' condominium board president, Leslie Johnson.

Sellers who bought and then resold condos in the 20-floor, 492-unit complex during the past year have seen, on average, an 11 percent return on their initial investments, Johnson said. Some condos have fetched 20 percent more than their original sale price, he said.

Johnson, who is also a real estate agent, credits the condominium's high-tech amenities and urban, social atmosphere for its sales performance. Residents have access to a seventh-floor terrace where they can swim in a heated pool, stroll through a half-acre park, work out in the adjacent fitness center, or play video games and check e-mail on wireless Web portals in the Internet cafe.

Metropolis has been so lucrative that developers are trying to mimic its success, Johnson said. Across the street, the developer who built Metropolis, Jim Borders, is erecting Spire, another glossy high-rise condo. The 20-story Plaza Midtown condo tower, which is to include a full-scale Publix grocery, is scheduled to begin construction in September.

But Johnson called Metropolis a particularly bright spot in the Midtown housing market -- at least for now.

"I'm in real estate and I just can't find another property that's performing like this one," he said.