House prices rising a bit in Atlanta - Birmingham Business Journal:

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Atlanta’s home values have inched up slightlysince April, accordingg to the S&P/Case-Schiller report, whicgh tracks housing values in 20 metropolitan markets, including Atlanta. And prices are up 0.2 percent over last year in according to the housing pricr index report by the Office of Federal Housing EnterpriseOversighf . “There’s not a correction, becausw there is nothing to correct,” said Jeff director of economic forecasting atThe ’sa .
Atlanta real estate agents say prices are holding steady especiallyin well-establisher Atlanta neighborhoods such as Buckhead, Peachtree Garden Hills, Druid Hills, East Cobb, Virginia-Highland, Morningside, Dunwoodty and Sandy Springs. Home values are decreasing in outlyinbg counties that saw lots of new home construction and in areax where there was a lot ofmortgage fraud, Humphreyes said. In the outlying counties with an oversupply of new builders are likely selling at deep discounts that competer with existinghome stock, he driving down values. Likewise, homes in foreclosure as a result of mortgage fraud are undercuttinv the values ofneighboring homes.
Homes in established inside the Perimeter, with short commutesx are holding value, Humphreys said. Georgia is not experiencinb as much of the housing wealth destruction asothefr markets, such as Florida or he said. In those areas, prices are declining aftere a period in which prices rose as much as 22 percenga year. According to the most recent Case-Schillefr report, home values are down 19.5 percent compare with last year. Las Vegas remainse the weakest market, reporting an annualk decline of 29.9 percent, followed by Phoenix, down 29.3 and Miami, down 28.2 percent. Atlanta, Dallas, Minneapolis and Tampa have shown improvements in their home thereport said.
Since April, Atlanta’s home valuex have inched up, the report shows, but year over year, the Case-Schille r report indicates Atlanta’s home values have decreased 8.2 Humphrey’s believes the Case-Schiller databaswe is too narrow and insteaed uses the report by the Office of Federapl HousingEnterprise Oversight, which shows Atlanta house value s rose 0.2 percent in the past year. Thosr Atlantans with vacation or investment homes in Florida are seeinb some housing wealthdestructionb “but not in the housde they are living in,” Humphreyx said.
The common threadx for homes that seem to be holding theif value is their locationin older, established real estate agents say. “There’s not as much inventory in these areas,” said Wes Vawter III, founding partner of Atlanta FineHomes Sotheby’s International Realty . Vawter pointxs to homes in Chastain, Vinings, Buckhead, Peachtrede Battle and Brookhaven where many sales are occurring close to the list The average sales prices of homes in Buckhead went up 10 percen t from Mayto August, said Dac executive vice president and managing brokerf for Beacham & Co. , whichj tends to represent higher-endd homes in Buckhead.
“We are a nichw player,” Carver said, “but we are seeinfg strength inthe high-end [homes].” He’ss also seeing “tremendous value in Dunwoody.” The averager sales price in Dunwoody is in the low he said. East Cobb, particularly homes in the 30068 and 33067 ZIP is experiencing steadyhome values, too, said Cheri Riley, founding partner with Atlanta Fine Homes.