Atlanta’s Home Prices Drop 11.2% But Still Better Than Most Other Places

Falling Home PricesNationally, the US experienced an 18.2% price drop, year over year according to Standard & Poor’s Case-Schiller Home Price Index for the 20 largest metropolitan areas. This represents the sharpest fall in prices ever recorded. Many cities that experienced record price growth were hardest hit by the drop in prices.

  • #1 Phoenix, AZ – 32% drop
  • # 2 Las Vegas, NV – 31.7% drop
  • #3 San Francisc0, CA – 30.7% drop
  • #11 Atlanta, GA – 11.2% drop

From October to November, Atlanta prices dropped 2.7%  Because Atlanta has been among the top cities in new home construction, Atlanta was still experiencing some price growth when some cities started to feel their bubble burst.  Atlanta’s drop in prices came a but later than that in most cities.  The Case-Schiller index for the largest 20 markets topped out and started to slip in mid-2006 — a full year before prices crested in Atlanta.

By November 2008, Atlanta prices had dropped 14.6 percent from that peak. In contrast, the overall index is down 25 percent. Atlanta’s prices are now back to levels last seen in May 2003. The overall index has returned to its level of early 2004, according to Case-Shiller.

None of the 20 cities in the Case-Shiller index posted a gain in prices from October to November, or from November 2007 to November 2008. The smallest declines in the surveyed cities came in Dallas, which dipped only 3.3 percent from last year, and Denver, where prices slipped just 4.3 percent.  To see the complete list of cities, click here

For more information on market trends and price changes in the local Atlanta market, click here.

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