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According to an AJC story that cites a mysterious “20-city index,” home prices in Atlanta are down:
From September 2007 through September of this year, Atlanta’s prices have fallen 9.5 percent.
But they’re also up:
Despite declines in 11 out of the past 14 months, Atlanta’s home prices are still up 22.7 percent since January 2000.
The AJC reports home prices in Atlanta declined 4.8 percent between January 2007 and January 2008, according to the Standard & Poor’s/Case-Shiller Home Price Index.
The story is correct, but leaves out a couple of interesting and, unfortunately gloomy details.
1) Atlanta home prices peaked later than most of the other markets in the index. Atlanta didn’t peak until July 2007. Most of the other markets measured in the index were already in decline by early 2007. Atlanta home prices are actually down 6.9 percent since the July 2007. 6.9 percent in six months is a steep drop.
2) Standard & Poor’s/Case-Shiller does not measure condo prices. The Wall Street Journal reported last week that condo prices in Atlanta declined 12 percent in 2007.
