Wednesday, November 2, 2011

Atlanta Home Prices Holding Steady

While the Atlanta real estate market isn't quite ready to rebound, it certainly seems to be holding steady, according to a recent report in the Atlanta Journal-Constitution. The report cites Standard and Poor's Case-Shiller Home Price Index, which shows that house prices in the metro Atlanta area increased by one percent during the month of May.

Adjustments to the numbers to accommodate for a heavy buying period brought current prices within a couple tenths of a percent from where they were a month earlier. This data seems to indicate that home prices have bottomed out and now have nowhere to go but up in the future.

Hitting Rock Bottom, Nowhere to Go but Up

David M. Blitzer, chairman of the S&P index committee told the Journal-Constitution, "We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery." Blitzer believes home prices have spent the past two "bouncing along the bottom," waiting for a chance to rebound.

The Numerical Details

Data used by the Case-Shiller Home Price Index includes only the repeat sales of single-family homes; it does not offer information on the sale of new homes or condos. According to the information collected, Atlanta real estate was selling in 2011 at prices about 4.6 percent lower than in 2010. With plenty of homes on the market and prices continuing to be relatively low, now may be the right time to grab a piece of Atlanta real estate at a good price.