Real estate market showing signs of improvement - DC News FOX 5 DC WTTG

Real estate market showing signs of improvement

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Home prices in the metro Atlanta area show improvement for another month. Homeowners and real estate agents hope the trend will continue.

Atlanta real estate veteran Mitch Kaminer says agents are seeing better market conditions after several years of trouble. He's president of the Atlanta Board of Realtors.

The group reports metro home sales were up 3.2 percent in July from a year ago, with the median sales price at $150,000 compared to $139,000 last July.

"Prices are coming back. They are bouncing back, some areas more than others. Some areas were hit more than others," said Kaminer.

This is the fourth straight month of home price improvements in the metro area, but prices are still down from a year ago. Still, the indications of at least a modest recovery are encouraging for home sellers.

"It seems that houses are priced to sell…Although we know that we will lose money compared to what we bought it for five years ago, we're hoping that we're get a good, solid offer," said Walker Luedecke, whose home is on the market in Brookhaven.

Kaminer says stronger prices also reflect diminishing foreclosure sales.

"Everyone agrees we hit bottom. Now we're riding it up and it's going to take baby steps to get up there, but we will," said Kaminer.

Real estate agents say metro home prices show stronger gains in several areas including Alpharetta, Roswell, Sandy Springs and Dunwoody.

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