Atlanta home prices continues 5 year down streak

Home prices in metro Atlanta hit another post-recession low for the fifth year in a row, according The Atlanta Journal-Constitution’s yearly analysis of home prices and sales.
The median sale price dropped nearly 15 percent across the region in 2011, to $115,000 from $135,000, the data shows.

Meanwhile, Atlanta’s price index has now dropped almost 40 percent from its peak, to the same level it was in 1996.

Industry experts say the hopeful news is that the rising sales volume, driven by investors snapping up rental properties and bargains, should flush out distressed inventory and eventually lead to a price rebound.

Here is a breakdown of the report:

The Biggest Gain:

30294, Ellenwood

This part of Henry County had the biggest gains in 2011: up 22 percent. However, the median price was $56,500, that’s still a 68.9% drop since the height of the market in 2007.

The Biggest Loss:

30337, College Park

This city in south Fulton had the biggest price drop: down 45.7 percent since 2010. The median price was $57,000, a 69.2 percent fall from 2007.

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Counties at a glance

Here’s a look at median prices and percent change in the ZIP codes that had the best and worst price performance in 2011.

CHEROKEE

Best: 30183

$164,877, +1.2%

Worst: 30102

$94,400, -27.4%

CLAYTON