Average Atlanta prices outpaced the national average, rising 6.1 percent during the past year, according to a closely-watched report issued this morning.
The overall rise in market values here continued, albeit at a modest past, as Atlanta’s average price was up 0.4 percent in February, which was twice as fast as the average for the nation’s top 20 metros, reported the S&P/Case-Shiller National Home Price Index.
“Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers,” said David Blitzer, the chairman of the index committee at S&P Dow Jones, which produces the report.
The average gain for the nation’s top 20 metro areas during the past year was 5.4 percent. Portland’s prices rose the fastest: a robust 11.9 percent.
For the month, today’s release of Case-Shiller index showed Atlanta slightly above the middle of the pack. Six of the other big cities showed faster increases in their prices.
In all, 14 of the metros had gains and six had declines. Tied for the fastest growth during the month were San Francisco and Seattle where prices rose 1.1 percent.
The biggest decline was in Cleveland, where prices dropped 0.6 percent.
Svenja Gudell, chief economist for real estate firm Zillow, warned that the limited number of homes for sale is still an obstacle to many buyers.
“A deeper look at recent housing trends reveals a few troubling issues set to impact first-time and move-up buyers in the critical months ahead,” she said this morning. “Inventory of entry-level and middle-tier homes is down sharply, and home prices in those segments are rising more quickly.”
When Case-Shiller factored in the normal seasonal patterns, Atlanta outperformed the usual February, rising 1.2 percent. On that measure, Atlanta was tied for third-fastest rising prices for the month.
A separate report issued by California-based CoreLogic this morning showed Atlanta’s foreclosure rate dipping.
That calculation is one measure the improvement in the market since the burst of the housing bubble – nearly nine years ago in Atlanta — caused unprecedented distress in the real estate market. Though the improvement has not been evenly spread through the region, the level of pain has continued to ebb.
According to CoreLogic, metro Atlanta’s foreclosure rate dipped from 0.85 percent a year ago to 0.62 percent in February.
Unlike the first years of the housing crisis, the foreclosure rate now has dipped lower than the national average, which was 1.13 percent, CoreLogic reported.
The mortgage delinquency rate for Atlanta has also fallen.
According to CoreLogic, 3.07 percent of mortgage loans in metro Atlanta were 90 days or more delinquent compared with 3.84 percent for the same period last year.
