Georgia Housing Market: Poised for a Rebound?

The Georgia housing market has faired remarkably well despite the nightmare market conditions in other areas. With constant population growth in the Atlanta-metro area and the amount of land available around the state, home prices didn't peak as high here as they did in other markets, such as Florida and California.

Because housing prices didn’t increase dramatically, Georgia only witnessed an eight percent decrease in home values since the market dropped. According to Elliot Eisenberg, a senior economist with the National Association of Home Builders, the Atlanta housing market will be one of the first areas to receive a boost when the housing market begins to rebound. In fact, according to the Standard and Poor’s/Case Shiller Home Price Index, Atlanta home prices have risen slightly in the second half of 2008.

Recent reports also show that home sales are up nationwide. The U.S. Department of Commerce reported in October that home sales increased 2.7 percent, as home prices dropped to a four-year low. This is a good sign for Georgia since home prices did not fall as severely and people are beginning to buy again.