Foreclosed Homes for Sale in Atlanta: Median Price Falling
As inventories of foreclosed homes for sale increase, the median home price for a previously-owned single-family house in metropolitan Atlanta in the first quarter has declined by 25 percent compared to the median last year, according to a report from the National Association of Realtors.
NAR blames the low prices of foreclosed homes for sale and their continuing increase as main factors for the decline in home prices.
The median home price in Atlanta in the first quarter fell to $115,600, a decrease from the $154,000 median price in last year’s first quarter. The number of sales deals for foreclosed homes for sale also declined by 6 percent over the same quarter.
Across the nation, prices of previously-owned single-family houses declined in 88 percent of metropolitan areas compared to last year’s first quarter while there were price increases in 18 metropolitan areas.
The median home price for pre-owned single-family houses was $169,000, a decline of 13.8 percent from the median price in last year’s first quarter.
The median home price is the price level at the point where half of all home sales were priced below and the other half were priced above.
Although prices in metropolitan Atlanta declined, there were other metro areas which performed worse. The biggest declines were observed in Akron in Ohio, Saginaw in Michigan and Fort Myers in Florida. The steepest decline occurred in the metro area of Cumberland in Maryland.
For the month of April, RealtyTrac reported that the pace of foreclosures is still increasing. The number of homeowners who received foreclosure filings in April increased to over 342,000, an increase of 32 percent compared to April 2008.
Nationwide, one house in every 374 houses got a foreclosure filing, the fastest monthly pace since January 2005, the month RealtyTrac started tracking foreclosures.
April became the second consecutive month when over 300,000 homeowners got a foreclosure notice, as large inventories of foreclosed homes for sale pushed down prices further below.
However, the increase in foreclosure filings from the month of March was lower than one percent. March had over 340,000 homes which got foreclosure filings. March filings increased by 17 percent compared to February and increased by 46 percent compared to March 2008.
An estimated 63,900 units were repossessed and became foreclosed homes for sale in April, a decline of 11 percent compared to the estimated 71,700 units in March.
In the first quarter, almost half of total home sales were deals involving foreclosed homes for sale, according to NAR.
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- Slow Drop in Home Prices Despite Rise in Repossessed Homes
- Home Price Drop Blamed on Increasing Foreclosed Home Listings
- Foreclosed Houses for Sale Drove Home Price Declines
- Philadelphia Region: Pace of Foreclosed Houses Slows Down
- Bank REO Properties Up in June
