What’s happening in the Atlanta real estate market? Where are home prices headed? What kind of predictions are being made for 2012? Unfortunately, there’s not much in the way of good news. Here is our Atlanta housing market update for the third quarter of 2011.
Home Prices Declining, Despite Small Uptick in Early Summer
At the annual level, home prices in the Atlanta metro area have declined. The latest data from the Case-Shiller Home Price Index shows a decline of -6.3% during the last year (August 2011 compared to the same month in 2010). This was the third-largest decline of all 20 metro areas tracked by the index. Only Phoenix and Portland had bigger annual price declines — 7.7% and 7.6%, respectively.
The Atlanta housing market received “special” mention in the press release accompanying the Case-Shiller report: “Atlanta and Las Vegas saw their annual rates of change fall deeper into negative territory,” the release stated.
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