Fresh Loaf

Number of cities in the Standard & Poor’s/Case-Shiller housing index: 20

Number of cities in the report that showed monthly and annual home price declines: 20

Amount, in percentage, home prices dropped nationally since January 2008, their largest decline: 19

Amount, in percentage, metro Atlanta home prices dropped since January 2008: 14.5

Amount, in percentage, that Phoenix home prices dropped: 35

Percentage of Atlanta’s population affected by property crimes and violent crime, respectively: 6.6, 1.6

Percentage of Phoenix’s population affected by property crimes and violent crime, respectively: 5.9, .74

Percentage increase in the average home price in Inman Park in early 2009 vs. early 2008, according to Trulia.com: 20

Percentage decrease in the average home price in Old Fourth Ward, over the same time period: 28

Sources: Atlanta Journal-Constitution, Standard & Poor’s, Atlanta Business Chronicle, Trulia.com

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Average percent decrease in the price of an existing single-family home in metro Atlanta from late 2007 to late 2008: 10.5

Years since Atlanta saw a double-digit decrease in home prices: 17

Of 20 metro areas, rank of Atlanta among those with the most severely decreasing home prices: 12

Percentage that home prices dipped in Phoenix, the hardest hit city: 32.7

Decrease in Dallas, the city to fare best: 3

Percentage increase in Atlanta home prices from June to July — the last month home prices rose: 0.4

Average percent decrease in home prices in Druid Hills from the fall of 2007 to fall of 2008: 20

Average percent increase in home prices in Cabbagetown from the fall of 2007 to fall of 2008: 14

Average percent increase in Benteen Park, over the same time period: 57

(Photo courtesy Wikimedia Commons)

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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.

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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.

The Standard & Poor’s/Case-Shiller Home Price Index, in all its spreadsheety glory, is available here.

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