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Metro Atlanta housing prices 6.1% higher than last year, data shows – WSB-TV Channel 2

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Metro Atlanta housing prices 6.1% higher than last year, data shows – WSB-TV Channel 2

ATLANTA — As mortgage rates continue a slight downward trend from recent weeks, the availability and affordability of purchasing a home is a major factor in the overall costs facing American families.

Channel 2 Action News recently reported that the latest Consumer Price Index from the U.S. Bureau of Labor Statistics indicated that housing costs were among the largest contributors to inflation, a role that housing has played month after month.

In terms of affordability, new data from a major housing price tracker showed that prices in Atlanta were rising and remaining so, with prices up more than 6 percent.

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The S&P CoreLogic Case-Shiller Home Price Indexes are the leading report on housing prices across the country, tracking changes in the housing market across the United States.

The latest report covers price changes from March 2023 to March 2024, showing that Atlanta homes became 6.1% more expensive over the past year.

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Nationally, prices were also higher, although they rose slightly faster than in Atlanta.

The S&P CoreLogic Case-Shiller U.S. Home Price Index reported a 6.5% annual gain for March, but average prices in the largest cities rose even more from the year former.

“The 10-city composite index saw an increase of 8.2%, compared to 8.1% the previous month. The 20-city composite index recorded a slight year-on-year increase to 7.4%, compared to a 7.3% increase in the previous month,” the report said.

Brian D. Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, said the latest report marks another all-time high.

“We have witnessed repeated record highs in the stock and real estate markets over the past year. Our national index has reached new highs in six of the last 12 months. During this period, we have seen record stock market performance, with the S&P 500 hitting new all-time highs in all 35 trading days over the past year,” Luke said.

As for what potential buyers should expect when it comes to developments in the metro Atlanta real estate market, data from Realter.com indicates that things are cooling off compared to recent months, but remain warmer than last year.

“Atlanta-Sandy Springs-Roswell, Georgia, is ranked 176th out of 300 metros nationwide in March. This is a “hot” market that is “cooling” compared to last month and “warming up” compared to last year. The median time on market is 41 days, with inventory moving 11% “faster” than last year and 9 days “faster” than the United States as a whole. Properties in the region receive an average number of views 0.7 times “lower” than the U.S. average,” the company reported.

According to real estate company Zillow’s Home Value Index, most recent prices in Atlanta average $386,193, up 1% over the past month.

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