Home prices, sales continue to rise

By Michelle E. Shaw

The Atlanta Journal-Constitution

What happened?

The National Association of Realtors reported Tuesday that existing single-family home sale prices in metro Atlanta improved to $124,900 in May.

Nationally the median existing single-family home sales price increased to $179,400, 2.7 percent above May 2009 prices.

What is the change?

The median Atlanta sale price increased more than 3 percent when compared to the month before and the year before, the NAR report said. In April 2010, the median sales price was $120,800. In May 2009, the median sales price was $121,000.

Across metro Atlanta the number of homes sold also increased 9.3 percent, when compared to the previous year. Nationally the number of homes sold last month increased 17.5 percent above May 2009 levels.

Any surprises?

No. To qualify for the federal tax credit, home buyers had to be under contract by the end of May. Many homes that sold and closed in May were likely purchased by buyers trying to beat the last minute rush.

What is next?

Next week, Standard & Poor's will release its Case-Shiller Index for April. While Case-Shiller and NAR both track the sale price of existing single-family homes, each report uses different methodology. The Realtors' results are based on closings during a given month 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.

MICHELLE E. SHAW