6:06 am August 26, 2009, by Henry Unger
Slowly, the metro housing market appears to be inching its way out of the ditch. But there’s a long way to go.
Atlanta home prices, for the first time in two years, increased month over month, AJC reporter Michelle Shaw writes.
The S&P Case Shiller Index said seasonally adjusted home prices in the metro area rose 1 percent in June, compared with May. That halted a 25-month slide.
Still, year-over-year prices were down 14 percent, Shaw writes.
The market is likely to improve in a very uneven way. For example, single-family home sales inside the Perimeter may see a turnaround before some of the heavily hit suburban areas.
Also, as inventory is reduced, improving the market, some homeowners who have been renting out their houses will decide to sell them. That can swell the inventory again.
So, it’s likely to take a long time before we make up the 20 percent-plus price decline from the June 2007 peak.
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