Atlanta shows strong home price gains, as the market continues to show signs of recovery.
Home prices in the Atlanta area rose 16.4 percent year-over-year in October, according to the latest Home Price Index from CoreLogic; of the metro areas CoreLogic highlighted, Atlanta’s gains were the third strongest.
Similarly, news was good for the state of Georgia as a whole. Home price appreciation increased 14.2 percent year-over-year in the state, which is the third largest increase in the nation.
Home Price Index Tracking National Gains
How are things looking for the rest of the nation, though?
In the overall Home Price Index, national home prices rose 12.5 percent year-over-year in October, which marks the 20th consecutive month of yearly price gains; CoreLogic anticipates a 12.2 percent yearly gain for November in its next Home Price Index, and Mark Fleming, the firm’s chief economist, said home price gains will likely slow as the winter takes hold.
“In October, the year-over-year appreciation rate remained strong, but the month-over-month appreciation rate was barely positive, indicating that house price appreciation has slowed as expected for the winter,” Fleming said. “Based on our Pending HPI, the monthly growth rate is expected to moderate even further in November and December.”
For more perspective on how the Home Price Index has progressed the las year, see our chart below: