Last week, Re/Max reported a 15% increase in Atlanta prices over the same time the previous year.
But Case-Shiller calculates a three-month “rolling average” for prices, while Re/Max takes one month at a time. Moreover, Case-Shiller data does not include condos, townhomes or new construction and is collected at a different time than the information used by Re/Max.
Atlanta home prices are 18.4% higher on average than they were at their 2007 peak just before the housing bubble burst and prices started dropping, according to the Case-Shiller index.
Since hitting bottom in 2012, Atlanta prices have risen 95.8%, according to the index.
The forces driving the wave of buying started before the pandemic, said Bill Banfield, executive vice president at Rocket Mortgage. “The nationwide, eight-year climb in prices appears to be well supported by record-low mortgage interest rates and demographic shifts.”
Home price increase, past year, by metro
1. Phoenix: 9.9%
2. Seattle: 8.5%
3. San Diego: 7.6%
4. Tampa: 6.9%
5. Cleveland: 6.9%
6. Los Angeles: 6.8%
7. Charlotte: 6.7%
14. Atlanta, 5.1%
National average: 5.7%
Top 20 metros: 5.2%
Source: S&P CoreLogic Case-Shiller Index