Home Market Update October, 2018

Like everything in life, there are winners & losers. But for the housing market right now, it is more like a few big winners with many losers.

The 20-city Case-Shiller Index of home prices is just 2.4 per cent above its 2006 peak. And yet, there is a huge divide between the winners and the losers. Ten cities have set new highs and their prices are 23 per cent higher on average. The top city, Denver, is 54 per cent above its pre-recession peak!  but, prices in 10 laggard cities are an average of 11 per cent below their pre-recession peaks. But now several once soaring markets, including New York City, the San Francisco area, and Denver, have been softening. Construction activity has been slowing quite a bit.
The media home price in Atlanta was 8.4% higher than last July. And pockets of metro area price have increased 15-20%! Media home price was about $246,000 in July, Atlanta is now rated in the top 10 real estate market in the country!