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Metro Atlanta home prices set new record in Q2

by Peter Thomas Ricci

atlanta-road-skyline-sunrise

Home prices in the Metro Atlanta area hit a new peak in 2016’s second quarter, according to the Q2 2016 U.S. Home Sales Report from RealtyTrac.

Basing its analysis on publicly recorded sales deeds from more than 900 counties nationwide, RealtyTrac found that Metro Atlanta’s median price was $192,000, a 1 percent monthly increase and 2 percent yearly increase that set a new record for the area. Atlanta was one of 39 metropolitan areas to see prices hit new highs, along with Dallas, Seattle, and Minneapolis.

Low mortgage rates and home prices

Daren Blomquist, the senior vice president at ATTOM Data Solutions (formerly RealtyTrac), said that low interest rates have been the key driver of home price growth – although that scenario could change this year.

“The all-time home price highs nationwide an in many local markets are being enabled by historically low mortgage rates — which are falling once again this year,” Blomquist said. “It is likely that some of the most interest rate sensitive local markets will see home price appreciation knocked down when the low rate rug is finally pulled out from under the housing recovery. We are seeing signs of weakening appreciation in many bellwether markets already in spite of the rock-bottom rates.”

Below, we’ve charted how Atlanta’s price growth compares with other large metro areas:

MSA June Median Price MoM % Change YoY % Change Peak Price
Atlanta $192,000 1% 2% $192,000
Boston $288,000 9% 7% $373,000
Dallas $240,156 1% 8% $240,156
Denver $344,500 1% 11% $344,500
Houston $215,215 -1% -2% $219,558
Los Angeles $565,000 1% 7% $585,000
Miami $233,750 4% 6% $292,000
New York $380,000 7% 4% $437,000
Phoenix $229,900 5% 12% $260,000
San Francisco $755,000 -1% 6% $765,000
Seattle $385,000 3% 6% $385,000

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