The Atlanta real estate market regained momentum in February, according to a closely-watched national index released this morning.
The average home price in metro Atlanta rose 0.3 percent in February, after a dip of 0.3 percent in January, according to the S&P/Case-Shiller Home Price Index.
Average prices for the nation’s biggest 20 markets gained 0.5 percent in February after slipping 0.1 percent in January. They were 5 percent higher than a year ago.
Metro Atlanta’s average prices are 5.6 percent above their levels of a year ago, Case-Shiller found.
That puts the region almost right in the middle of the pack. Among the 20 metro areas measured by Case-Shiller, nine grew at a faster pace than Atlanta during the past year.
Denver had the most rapid increases, its average rising 10 percent during the year.
“Home prices continue to rise and outpace both inflation and wage gains,” said David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices.
However, among major metros, only Denver and Dallas have surpassed the peaks they reached during the housing boom, he said.
“If a complete recovery means new highs all around, we’re not there yet,” Blitzer said.
Nationally, prices crested in July 2006 although metro Atlanta prices defied gravity and kept climbing for another year.
Nationally, prices are nearly 10 percent below their boom-time high.
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