Atlanta Home Resale Prices Drop Another 1 Percent
According to a recent report in the AJC, the slide in Atlanta’s home resale prices now spans seven months, according to the latest Standard & Poor’s/Case-Shiller Home Price Index.
From February to March, prices in Atlanta dropped another 1 percent, the report issued Tuesday says. The falloff was 6.5 percent since March 2007.
Although that’s disappointing for metro home builders and sellers, the news is even worse in other parts of the country.
Case-Shiller’s composite index of 20 metro areas, including Atlanta, fell 2.2 percent from February to March. The 12-month decline was 14.4 percent, the biggest slide since the index began in 1987.
During the 1991 recession home prices tumbled just 2.8 percent.
“There are very few silver linings that one can see in the data,” said David Blitzer, chairman of S&P’s index committee. “Most of the nation appears to remain on a downward path.”
Meanwhile, the Commerce Department reported Tuesday that new-home sales increased 3.3 percent in April, bouncing back from a 17-year monthly low.
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