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Atlanta Home Prices Rising | Business

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Atlanta Home Prices Rising

ATLANTA - Things are brighter for the economy. Real estate prices in Atlanta are increasing and that's cause for hope. It was a perfect day for an open house on Sunday when we caught up with local real estate agent Ann Morris at her Inman Park listing.

"I think people are wanting to move back into town,"she said.

Intown market research by Adams Realtors shows some inner city neighborhoods are seeing price increases.

Home prices in Cabbagetown and Edgewood have increased 8 percent over a year ago and midtown prices are up 4 percent.

"I have seen some prices going up," Devon Johnson told us as he was touring another open house in Inman Park.

He's also seen inventory going down which explains some of the new home construction going on down the street on North Highland Avenue where 57 new townhouses are being built along the belt line.

Two block away 18 new townhomes have been built, all but two are sold.

Last week the nation's two largest mortgage backers announced positive results. Fannie Mae's quarterly earnings doubled from the previous quarter and Freddie Mac showed a 4.8 percent increase home prices across the country, the largest quarterly rise in 8 years.

"It's great, it's great," Morris said but emphasized the improvement is still neighborhood by neighborhood and in the inner city areas. Although she pointed out that Decatur home prices are up 9 percent over a year ago too.