The November S&P Case-Shiller Index has informed Atlanta more of what it already knows: Home sale prices in the metro area were still falling at the end of the year.
The index, released Tuesday, shows a new low for the metro area, which has been in steady decline since August. Home sale prices fell 7.8 percent when compared to November 2009 and 2.9 percent when compared to October 2010, according to the non-seasonally adjusted numbers.
Nationally, the 20-city index fell 1 percent month-over-month and 1.5 percent year over year.
Is this good news? Not Good News, but if you need to buy a home this is a GREAT TIME! If you have to SELL, Price it RIGHT!
Atlanta is hardly alone. Atlanta is one of eight metro areas that reached a new index low. Also on that list are Charlotte, Detroit, Las Vegas, Miami, Portland, Ore., Seattle and Tampa. Locally, prices continue to fall further back on the calendar and are currently resting between January and February 2000. And while the 7.8 year-over-year decline looks bad, it has been worse. The steepest year-over-year decline seen in metro Atlanta’s index was 15.58 percent in March 2009, when compared to March 2008. Additionally, the index declines also continue to remain mild compared with the National Association of Realtors single-family home sales reports. The Realtors’ results, which are based on monthly closings and produce a median price, showed a 16.2 percent price drop in the metro area for November from a year earlier
As reported by M.Shaw w/the AJC.