Moving on from the Midwest on our 2009 year-end look at the US Housing Market by region, here are a few key metros in the Southeast – Atlanta, Charlotte, Nashville and Raleigh with some brief analysis for each city.
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- Atlanta prices may appear surprising, but a look at the Atlanta metro data indicates that prices in the region are declining along with inventory levels. 2009 price gains were likely due to a change in the mix of properties available for sale. With heavy foreclosure activity within the city, the active inventory remained in slightly higher price segments. A look at Atlanta’s weekly absorption numbers shows that most housing activity was regulated to the lowest 25% of properties on the market.
- Ask prices in Atlanta (the city) are showing signs of falling in early 2010 as the gap between the price of new listings and existing sellers is widening.
- Price levels in Charlotte, Raleigh and Nashville remained relatively stable over the last couple of years – these markets never reached “bubble market” status.
- Charlotte will be particularly interesting to watch in early 2010 to see if there are lagging effects of the 2008 banking crisis. Early indications show that Charlotte could be move strongly negative in 2010, as new sellers are entering the market at greatly depressed prices.