5:47 am March 22, 2011, by Henry Unger
Metro Atlanta’s housing slump is still with us.
The average sales price of existing single-family homes in the metro area tumbled 13.6 percent in February from a year earlier, dashing hopes for the first upward pricing trend since last summer, AJC reporter Michelle Shaw writes.
According to data released Monday, metro Atlanta’s average price was $95,100 — down from $110,100 in February 2010, Shaw reports. That was the lowest average price among 17 metro areas in the National Association of Realtors’ monthly report.
Sales fell 4 percent over the same period, the data shows.
Local residential real estate experts were encouraged last month when the NAR report showed average metro area prices rose nearly 2 percent in January 2011 from a year earlier, Shaw writes.
But Monday’s data dampened the optimism.
“The economy is just so fragile right now,” said Steve Palm, of housing data firm SmartNumbers. “There is so much going on out there, in the larger economy, Japan, oil prices, and there’s just nothing for us to grab onto and build on in a positive way.”
Atlanta’s February price decline was the second largest among the major metro areas that the group surveys, Shaw writes.
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- Henry Unger, The Biz Beat
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