ATLANTA, Ga -- There is more good news for the housing market in Atlanta. According to the S&P/Case-Shiller home prices report, Atlanta in February had its highest year-to-year growth since 1992.
Home values were up 16.5 percent this February compared to February 2012. David Mills, a real estate broker from Better Homes and Gardens Real Estate said the growth is a win for both sellers and buyers.
"For the seller the opportunity is that they are now getting more than they used to," Mills said. "The prices are still great for buyers and the interest rates are still great for buyers too."
Mills said buyers have to be quick and bid high because inventory is low. He said banks are still sitting on foreclosed properties and potential sellers are waiting for prices to go higher. "It used to be measured in months now the time on the market is usually measured in days," he said.
Tomas and Jeniffer Portilla are first time buyers who decided to jump into the market now. "The prices are really good and the interest rates are awesome right now so we're taking advantage of the situation that's going on right now," Tomas said.
"We jumped on it because we were in the market six months ago and the difference from then to now, we see it," Jeniffer said. "We don't want to keep waiting."
Mills said it's also a good time for owners who are looking to move up in home value because it's easier to sell and they can get a good price on the higher level home.
According to the S&P report Phoenix, San Francisco, Las Vegas and Atlanta were the four cities with the highest year-over-year price increases.
You can follow Kevin on Twitter @kgrowson