Home values in 69 of 157 U.S. markets are expected to rise in the next year, according to the Zillow Home Value Forecast, but Atlanta is not one of the fortunate cities projected to see a gain.
Zillow foresees a 1.6 percent decline in Atlanta home prices to June 2013. Nationally, home values are expected to appreciate by 1.1 percent over the next year, from June 2012 to June 2013.
Some markets are expected to take giant leaps. Phoenix would see a 9.9 percent gain, Miami-Fort Lauderdale 6.1 percent, and Riverside, Calif. 5.6 percent, Zillow said.
Only St. Louis, where a decrease of 2.6 percent is expected, and Baltimore, where a decline of 2.2 percent is projected, would see bigger drops in the next year in home values than Atlanta.
As Zillow notes, “The housing market’s recovery continues to show tremendous variation market by market.”
Zillow also said that home values nationwide increased 2.1 percent from the first to the second quarter of 2012, and that on an annual basis, they rose 0.2 percent from June 2011 levels. That marked the first annual increase in U.S. home values since 2007.
In Atlanta, home prices were down 4.9 percent over the last year, however, the worst of any big city other than Chicago, which was down 5.8 percent. Quarter over quarter, home prices here were flat, although they were up slightly for the month.