Slowly but steadily, home prices have been increasing for more than a year.
We've seen the national housing indexes like the Home Price Index (HPI) and Case-Shiller Index continue to post positive gains.
The HPI nationally rose 7.4 percent over the past 12 months.
The April Case-Shiller 20-city index showed home prices rose 2.5 percent from March to April of this year.
Metro Atlanta as a whole posted year-to-date average sales price gains in May of 30 percent over 2012 for both single family detached and attached (condos and townhomes). A very large and unsustainable gain but good news nonetheless.
In North Fulton, west of Ga. 400, the average sale price of single family detached homes in May has jumped 11 percent over last year; 20 percent for North Fulton east of Ga. 400. While this is also good news, we should keep in mind that numbers can vary greatly from month to month. For June, while all the data isn’t in yet, the average sale price looks like it will be up approximately 7.5 percent in North Fulton.
This data is important as it shows us the trends for the broader area and reflects continued improvement in the economy but ultimately the best indicator of your homes value will be determined by an assessment of your community and the comparable sales in your specific area.
This article appeared in the July 10 edition of the Forsyth Herald.