Metro Atlanta home prices were up 1 percent in May, according to the Standard & Poor's Case-Shiller Home Price Index, though when adjusted for the seasonal heavy buying period, they were down just a couple of tenths of a percent.
"We have now seen two consecutive months of generally improving prices; however, we might have a long way to go before we see a real recovery," said David M. Blitzer, chairman of the Index Committee at S&P Indices.
He characterized the flat performance as a "bounce-along-the-bottom scenario we have witnessed in the housing market over the last two years."
Metro Atlanta home prices are still 4.6 percent lower than they were in May 2010, the report released Tuesday said.
"I think that is a fairly accurate depiction for May," said Daniel Forsman, the CEO of Prudential Georgia Realty, one of the largest real estate agencies in the region.
"What these numbers are telling me is at least in Atlanta, that we have reached a bottom," he said.
The Case-Shiller Index uses repeat sales of single-family homes, not new homes or condos, to measure appreciation compared to a base value of 100 established in January 2000. Its April increase put Atlanta values at 101.95, up from March's 100.30.
The May value was 102.85.
Forsman is further encouraged by sales numbers from his agency, which show improvements over last year.
"My month [July] to date, we have 629 closing. Last year at this time, there were 373," he said.
In 2010 at this time, Prudential had closed 3,751 properties for the year. Prudential has closed on 3,977 properties so far in 2011, a 6 percent increase, Forsman said.
"I am much more cautiously optimistic than I have been," he said.
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