Atlanta joins 32 other markets with new peak prices in 2015
The Atlanta metro area saw a new peak median price in 2015 at $187,000 in June, according to a new RealtyTrac report. Atlanta was one of 33 markets that reached a new all-time home price peak in 2015.
Nationally, the median sales price of single-family homes and condos in October was $207,500. That was up 10 percent from a year ago and was the highest year-over-year percentage increase since Feb. 2014. It was also the first double-digit increase in 20 months. In total, 89 percent of metro areas saw an increase in sales prices from the previous year. The average price was only 9 percent below the previous peak of $228,000 in July 2005.
The areas with the biggest annual increases were Detroit (up 29 percent), Charleston, South Carolina (17 percent), Denver (17 percent), St. Louis (up 16 percent), Bridgeport, Connecticut (15 percent), and Cape Coral, Florida (15 percent).
Daren Blomquist, vice president at RealtyTrac noted the unlikely timing of the price growth, considering that fall is typically a slower season.
“Home sellers are sitting pretty in this market, realizing an average profit-since-purchase of 16 percent — the highest in any month since Dec. 2007, on the cusp of the Great Recession,” he said.