Atlanta home prices decelerated into very slow growth as the market cruised to the end of the hot-sales summer, according to a closely-watched monthly report.
Metro Atlanta homes, on average, in July were up 0.8 percent from June, according to the index calculated by S&P/Case-Shiller.
Atlanta prices were up 5.8 percent compared to a year earlier, according to the index. A year ago, Atlanta’s average price was jumping at a double-digit pace, but the increases steadily slowed into single digits.
A somewhat concerning note: the data is not adjusted for seasonal patterns. When they are, the Atlanta market showed weakness compared to its usual results.
Seasonally adjusted, Atlanta prices dipped 0.2 percent during the month, Case-Shiller said.
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Compared to the overall performance of the nation’s 20 largest metros, Atlanta was slightly above average. The top 20 saw an average increase of 0.6 percent for the month and 5.0 percent from a year ago.
“Prices of existing homes and housing overall are seeing strong growth and contributing to recent solid growth for the economy,” said David Blitzer, chairman of the index committee at S&P Dow Jones.
The South no longer leads the data parade, he said. “Most of the strength is focused on states west of the Mississippi.”
The national home price index has been rising at a 4 percent annual rate or higher for three years, “well ahead of inflation,” he said.
Eight years after the peak of Atlanta’s housing bubble, the index has not yet returned to those levels.
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