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Metro Atlanta Home Prices Drop in April

The Atlanta Business Chronicle reports that, while other places in the US continued to see improvement in their local markets, Metro Atlanta home prices fell 5.3 percent in April.

We saw some positive signs in the housing market this spring that were reinforced by some pretty good numbers in March for sales and prices of homes across the country. According to the Atlanta Business Chronicle, metro Atlanta didn't fare as well in April, though. Other places in the US continued to see improvement in their local markets, but Metro Atlanta home prices reportedly dropped 5.3% in April. 

The Atlanta Business Chronicle article I just read says residential real state research firm, CoreLogic, reports home prices remain in decline in metro Atlanta. Metro Atlanta home prices fell 5.3 percent year-over-year in April. The news follows two recent reports of home price declines here:

  • Metro Atlanta home values dropped 7.8 percent year-over-year in April, according to the latest Zillow Real Estate Market Report.
  • Home prices in metro Atlanta dropped 17.7 percent year-over-year in March, according to the latest S&P/Case-Shiller monthly report.

National home prices rose on a year-over-year basis by 1.1 percent in April, CoreLogic said. That marked the second consecutive year-over-year increase this year and the first time two consecutive increases have occurred since June 2010.

On a month-over-month basis, national home prices were up 2.2 percent in April -- the second consecutive month-over-month increase in 2012.

“Excluding distressed sales, home prices in March and April are improving at a rate not seen since late 2006 and appreciating at a faster rate than during the tax-credit boomlet in 2010,” said Mark Fleming, chief economist for CoreLogic, in a statement. “Nationally, the supply of homes in current inventory is down to six and a half months, a level not seen in more than five years, in part driven by the ‘locked in’ position of so many homeowners in negative equity.”

The five states with the greatest depreciation were Delaware (down 11.9 percent), Illinois (down 6.8 percent), Alabama (down 6.6 percent), Rhode Island (down 6.2 percent), and Georgia (down 5.6 percent).

The five states with the highest appreciation were Arizona (up 8.8 percent), Washington, D.C. (up 6.4 percent), Florida (up 5.5 percent), Montana (up 5.4 percent), and Utah (up 5.4 percent).

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