≡ Menu

Gwinnett Home Values Decline

If the metro Atlanta housing market is staging any sort of recovery, November statistics don’t show it. The median sale price for existing single-family homes fell to $108,300 in November, down 16.2 percent from a year earlier, according to National Association of Realtors data released Tuesday. It was by far the biggest year-over-year price drop in 19 markets listed in the association’s report for the month, with Phoenix logging the next-largest decline, at 8 percent. Atlanta also had the lowest median price in the group. Eight metro areas saw price gains.

Metro Atlanta sales volume fell 18 percent, although that figure was lower than in many metro areas. The local median price was $109,000 in October.

Nationally, prices improved 1.2 percent from November 2009, but sales volume was down nearly 25 percent.

Is this a surprise?

No. November is the sixth month in a row that the median price dropped from the previous year, inching closer to its lowest point since last January, when it was $105,000. The 2010 peak was in May when the median price was nearly $125,000, 3 percent above the same month in 2009.

What’s next?

On Dec. 28, Standard & Poor’s releases its Case-Shiller Index for October. Case-Shiller and the National Association of Realtors track the existing single-family home pricesbut use different methodologies. The Realtors’ results are based on monthly closings and produce a median price. Case-Shiller follows properties sold over time, rather than individual home sales, and measures value from a baseline in 2000.

By Michelle E. Shaw The Atlanta Journal-Constitution

{ 0 comments… add one }