The latest Case-Shiller Index was published on Tuesday, April 29th 2014. As always, the index reports on data 60 days in arrears. Therefore, the index reports home values for February 2014.
Overall, property values increased 12.9% from February 2013, the smallest 12-month gain since August, after rising 13.2% in the year ended in January. All of the 20 cities in the index showed a year-over-year gain, led by a 23.1% jump in Las Vegas and a 22.7% advance in San Francisco. Cleveland showed the smallest year-over-year increase, with prices rising 3%. While these numbers remain very positive, we must bear in mind that home prices are still down 17.49% from the peak of July 2007. This is the fifth month in a row that the index has reported a small decrease. This signals that home values are leveling off for many markets.
“Despite continued price gains, most other housing statistics are weak,” David Blitzer, chairman of the S&P index committee, said in a statement. “Five years into the recovery from the recession, the economy will need to look to gains in consumer spending and business investment more than housing.”
The metro Atlanta real estate market continues to show signs of moving back to a normal market. Listing inventory is up 23.9% from the bottom of February 2013. Inventory is up 6.8% from last month and up 18.9% from the same month last year. Closings were up 17.8% from last month and down 12.4% from the same month last year. Months of inventory are now 4.7 months based upon the latest closed sales trend. Six months supply is considered normal.
Epic Development is currently building in Briarcliff Woods, Edgewood, Kirkwood, LaVista Park, Old Fourth Ward, Ormewood Park, Sandy Springs, Virginia Highland and West Midtown. View all the details of our current listings here. For more information about our homes call Scott Eaves at (404) 518-3820 or at scott@epicdevelopment.com. For more information about commercial real estate operations or investment visit EpiCity.com.