Metro Atlanta home prices continued to rise late into the spring, although the pace was slower than usual and the number of homes for sale remained lower than normal.
Average prices in May rose 1.4 percent from April and 5.1 percent from the same month a year ago, putting Atlanta solidly in the middle of the pack among U.S. metro areas, according to the S&P/Case-Shiller Home Price Index.
It’s the latest in a string of reports showing that the Atlanta region’s housing market improvement remains uneven and – in some ways – puzzling.
But the engines of growth have been gearing up, said Adam Coker, market investment executive for U.S. Trust in Atlanta. “What is driving the market, more than anything, is the strengthening labor market. The unemployment rate has kept coming down.”
More than 77,000 jobs were added during the past year, while the metro’s jobless rate, which had crested at 10.6 percent, was down last month to 6 percent. “We expect that to be near 4 percent in 2016,” Coker said.
Source: Publication: Atlanta Journal Constitution