Metro Atlanta Housing Prices Drop More than other Major Cities

Metro Atlanta Housing Prices DropMetro Atlanta Housing Prices Drop

Here is the lead story in the Atlanta Journal and Constitution today: Metro Atlanta housing prices plummet

“We kicked off the week talking about the economic challenges facing metro Atlanta and the region’s need to adapt to suit the modern real estate marketplace.

Yesterday, we got a rather harsh confirmation that change is indeed necessary. According to the latest S&P Case-Shiller numbers, housing prices in the 20 largest metro areas fell by 3.5 percent from February 2011 to February 2012.

In the 28-county metro Atlanta region, however, the year-to-year price decline was 17.3 percent, easily the largest drop in the nation. The decline was twice as large as that in Las Vegas, the second worst-performing metro region in the country”

No surprise here for anyone who has been trying to sell their house.  Buyers are out there and homes are selling, but prices have dropped big time in the past year.

Latest report from Case-Schilling

“Phoenix and Atlanta stand out this month in terms of their contrasting relative strength and weakness in the early 2012 housing market. At one end of the spectrum, we have Atlanta posting a double-digit, and lowest on record, annual rate at -17.3%. Atlanta has now recorded five consecutive months of double-digit negative annual rates and seven consecutive monthly declines. On the other hand, Phoenix has posted two consecutive months of positive annual rates, with its latest being +3.3%, and five consecutive positive monthly returns.”
So if you want to sell your house, you have GOT TO PRICE IT right.