Metro Atlanta is in the midst of a home price rally by one widely watched measure, but you might want to keep the champagne corked and on ice.
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Measuring home prices
The S&P/Case-Shiller Index is one of the most widely watched measures of home prices - yet it includes no actual prices. Developed by economists Karl Case and Robert Shiller, the index uses a sampling of repeat sales of existing single-family homes in 20 major metro areas to arrive at a number for each market. The baseline is 100, which represents prices as of January 2000. Atlanta’s March index was 98.29, which means prices are still a bit below 2000 levels. The Atlanta region’s peak, by Case-Shiller’s measure, came in July 2007 with an index of 136.47.