The metro Atlanta median home price in May ticked up about $4,000 from last winter, though it was still $21,200 lower than May2010, according to the National Association of Realtors.
The agency's latest monthly sales report shows metro Atlanta prices are moving in the right direction, said NAR spokesman Walter Molony.
"But I wouldn't read too much into it," he said, noting that the beginning of the home shopping season in spring and summer can push prices up seasonally.
Foreclosures and short sales are keeping home prices depressed in this region, he said.
Thirty percent of all sales during the first quarter of 2011 were foreclosures in metro Atlanta, according to real-estate tracking firm RealtyTrac.
The metro Atlanta median price in May 2010 was $124,900. It dropped to just under $100,000 in March and was back up to $103,700 last month.
The organization's monthly report showed another bright spot for the region: sales were up 1.1 percent compared to May of last year. The 18 other metro areas tracked by NAR showed an average drop of 12.8 percent.
Steve Palm of Atlanta's SmartNumbers, another realty tracking firm, said the strength in the market is coming from low prices combined with the lowest interest rates in recent memory.
He called the numbers "a very nice surprise," as he had expected to see a drop from last year.
Across the South, two price points were driving home sales: homes under $100,000 and homes over $1 million, NAR's numbers say.
Five Loss Leaders
Metro Area Median yearly price decrease Median price May 2011*
Atlanta 17 percent $103,700
Phoenix 14.2 percent $124,200
Minneapolis 12.6 percent $152,950
Kansas City 9.1 percent $135,100
St. Louis 9 percent $130,200
*National Association of Realtors
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