Metro Atlanta home prices rose 6.6 percent in May from a year earlier, according to financial and real estate data firm CoreLogic.
The CoreLogic index showed metro Atlanta prices climbing slightly faster than the national average of 6.3 percent. It was the 39th consecutive month of year-over-year increases nationally.
When homes that had been involved in distress sales are factored out, the metro Atlanta price increase in May was 5.1 percent, the firm said. Such homes typically show sharper gains in subsequent sales.
Low mortgage rates along with a steadily improving job market have fueled sales and construction, said Anand Nallathambi, president and CEO of CoreLogic.
He said the firm expects low inventory — a nagging issue in metro Atlanta — to rise as well.
“We expect to see more existing homes offered for sale in the coming year,” he said.
Despite years of rising values since the housing bust, many metro Atlantans remain effectively “pinned” in homes because the house value is still less than they owe on their mortgage. Others are staying put due to a slow job market or the need to cut debt. Those lingering effects of the bust continue to suppress the market, at least compared to prior conditions.
CoreLogic is one of several national reports tracking home prices. Using different methodologies, they measure and rank regions somewhat differently, but all have shown metro Atlanta prices overall rising. They also agree that the pace of Atlanta price increases has slowed since last summer and fall when they were rising at a double-digit pace.
Metro Atlanta remains comparatively affordable, according to a separate report Tuesday from Realtor.com.
The median list price of a home in the region last month was $238,000 – so Atlanta ties with Orlando for 31st highest among the top 50 metro areas. Just ahead is Las Vegas at $240,000, just behind is Charlotte at $234,000.
The San Jose, Calif., area has the nation’s highest median list price: $898,000. San Francisco is second with a median price of $762,000, according to Realtor.com.
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