Report: Atlanta home prices spiked 18.4% in August

8:40 PM, Oct 30, 2013   |    comments
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Home prices in metro Atlanta continued to surge in August, but the pace slowed, the monthly 20-city S&P/Case-Shiller Indexes show.

The area saw prices jump 18.4 percent year-over-year in August, generally the end of the busiest home-selling time of year. From July to August, prices in Atlanta were up 1.7 percent. And year-over-year in July, prices were up 19 percent.

Nationally, home prices went up 12.8 percent year-over-year in August and inched up 1.3 percent from July to August. As of August 2013, average home prices across the United States are back to their mid-2004 levels, the report noted.

"The monthly percentage changes for the 20-City composite show the peak rate of gain in home prices was last April," said David M. Blitzer, chairman of the Index Committee at S&P Dow Jones Indices. "Since then home prices continued to rise, but at a slower pace each month. This month, 16 cities reported smaller gains in August compared to July. Recent increases in mortgage rates and fewer mortgage applications are two factors in these shifts."

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