CoreLogic, a financial information company, released the results of their latest Home Price Index (HPI) report on Tuesday. It brought good news for homeowners across Southern California and a handful of other metro areas, where home prices have risen by more than 10% year over year.
According to the report, prices rose in 99 of the 100 largest metropolitan areas in the U.S. Nationally, home values rose by 12.4% in July, compared to the same month last year. CoreLogic also singled out the ten metro-level housing markets with the most appreciation.
The list shows how single-family home prices changed from July 2012 to July 2013. These rankings are based on a repeat-sales index that tracks increases and decreases in sales prices and includes distressed sales.
At number 4 on the list behind Los Angelos, Riverside, California, and Phoenix, Arizona is the Atlanta-Sandy Springs-Marietta, Georgia area with an increase of +15.61%.
Atlanta’s housing market is leading the charge in the eastern half of the country. After falling longer and further than most east-coast metros, home prices in Atlanta are now rebounding strongly. Prices in this metro area rose by nearly 16% in July, compared to the same time last year.
Atlanta was also a standout in the latest S&P/Case-Shiller Home Price Index, posting the largest monthly gain of the 20 composite cities.
But here again, we are seeing a significant change with inventory trends. The number of homes for sale in and around Atlanta fell sharply toward the end of 2011, and into the first part of 2012. But the trend is reversing. According to Realtor.com’s monthly housing summary, the total number of active listings in Atlanta’s real estate market has risen by 17.85% in the last year.
Bottom line: Inventory is still tight in this market, but it probably won’t stay that way. Expect home-price appreciation to wane somewhat over the coming months.