Metro Atlanta home prices took a record double-digit tumble in the year ending in October, according to a closely watched 20-city index released Tuesday.
With an average price drop of 10.5 percent for existing single-family houses, Atlanta joined 13 other cities experiencing double-digit declines. It was the metro area’s first annual double-digit drop since the index started reporting Atlanta data in 1991.
The metro area also posted a record month-to-month decline of 2.4 percent.
Across the country, home prices fell faster than ever in October, providing fresh evidence that the nationwide housing slump was nowhere near an end. The Standard & Poor’s/Case-Shiller index of home prices in 20 major metropolitan areas reported an 18 percent dive over the previous year, marking 22 consecutive months of price drops.
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