Home prices grew again in metro Atlanta in November after some softness earlier in the fall, according to a report Tuesday of a closely-watched national index.
The metro Atlanta region saw prices tick up about 0.2 percent from November compared to October. Atlanta’s 4.9 percent annual price increase was stronger than the performance of the overall U.S., according to the S&P/Case-Shiller Home Price Indices.
The national home-buying market is still vexed by limited supply and strict mortgage standards that make it difficult for buyers to qualify. Many buyers also do not have the money needed for a down-payment. Younger adults, who may have had careers delayed or have steep student loan debts, have shown a preference for renting over buying
“With the spring home buying season, and spring training, still a month or two away, the housing recovery is barely on first base,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. “Prospects for a home run in 2015 aren’t good.”
The indices 10-city and 20-city composites saw price gains slowing in November. Atlanta was one of only nine cities in the 20-city index to see annual growth rates increase in the November report.
“The best hope for housing is the rest of the economy where the news is better. 2014 was a good year for job creation and weekly unemployment claims – good short term indicators – which continue to provide upbeat reports,” Blitzer said. “Consumer confidence, helped by cheap gasoline prices, is strong, and a good GDP number is expected this week.”
Read more about the home price report in the Wednesday print edition of The Atlanta Journal-Constitution and later today on our premium website, MyAJC.com.
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