Atlanta prices rose 0.9 percent in the past month -- right in the middle of the pack for the nation's 20 largest metros, according to a much-watched national survey.
However, the increase was slightly weaker than the usual rise during the month, according to the Case-Shiller report released Thursday.
Metro Atlanta’s average price was up 5.5 percent for the past year,according to the S&P/Case-Shiller House Price Index. That annual increase was the 14th largest as calculated by Case-Shiller.
And it paled against the 13.3 percent jump of home prices in Seattle.
Atlanta prices have been rising almost exactly at the national average of 5.6 percent for the past year. However, Atlanta has slightly outpaced the 4.9 percent increase by the top 10 metros.
The steady, if unspectacular, price rise has been making homes less affordable, in Atlanta and elsewhere, said David Blitzer, chairman of the Index Committee at S&P Dow Jones, which calculates the survey. “Home prices continue to climb and outpace both inflation and wages.”
But while he has speculated about a housing “bubble” in the past, this month, Blitzer came down firmly on the non-bubble side of the line. “Housing is not repeating the bubble period of 2000 through 2006.”
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So while some analysts warn of market imbalances, the dangers are a lot different than they were a dozen years ago.
That’s partly because the prices are not soaring in a national pattern, he said, but also because the magnitude of the market is different.
“The number of homes sold annually is 20 percent less today than in the earlier period.”
Moreover, the inventory -- that is, the number of homes for sale -- keeps shrinking.
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Atlanta too has a mismatch of supply and demand, according to local experts.
But most cite Atlanta’s solid job and population growth as evidence that there is no bubble.
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After Seattle’s 13.3 percent jump, the quickest rises are in Portland at 8.9 percent and Denver , where prices are up 7.9 percent in the past year, according to Case-Shiller.
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Average price increases, past year:
Seattle 13.3 percent
Portland 8.9 percent
Denver 7.9 percent
Dallas 7.8 percent
Detroit 7.6 percent
Las Vegas 6.9 percent
Tampa 6.8 percent
San Diego 6.6 percent
Charlotte 6.1 percent
Boston 6.1 percent
Phoenix 5.7 percent
Minneapolis 5.7 percent
Los Angeles 5.6 percent
ATLANTA 5.5 percent
Average for top 20 metro areas: 5.7 percent
National average: 5.6 percent
Source: S&P/Case-Shiller House Price Index
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AJC Business reporter Michael E. Kanell keeps you updated on the latest news about jobs, housing and consumer issues in metro Atlanta and beyond. You'll find more on myAJC.com, including these stories:
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