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May 24, 2010

Home demand, prices both up in April

The Atlanta Journal-Constitution
By Michelle E. Shaw
Increased home sales led to higher home prices in April across metro Atlanta, local real estate experts say.
The median sale price for existing single-family homes around the metro area rose 7 percent in April from the same month a year earlier, according to a National Association of Realtors report released Monday.
The increase, from $112,500 to $120,800, breaks a string of year-over-year decreases the first three months of the year. April’s median sale price, based on closings, also bested March’s $113,600.
“It’s good old fashioned supply and demand,” said Steve Palm, president of Marietta-based SmartNumbers, a real estate data company. “With higher demand comes higher prices.”
The Realtors’ report also showed a 6 percent increase in the number of existing single-family home sales over April 2009, which Palm said was related to the federal tax credit.


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