Albany among cities of rising home prices - WALB.com, South Georgia News, Weather, Sports

Albany among cities of rising home prices

 Albany is starting to catch up to a national trend of rising home prices, but those price increases nationwide are starting to slow down.

New numbers show August home prices in the country's 20 biggest cities were up about 5.5 percent from a year ago, but that was less than expected.

Longtime Albany realtor Patsy Martin said home prices here are still only about 75 percent of what they were before the housing crisis, but she says there is reason for optimism.

“Cost of construction dictates a lot towards pricing. When the cost of materials begins to go up and new constructions costs will be heavier, will be higher. So will the existing homes in the market tweak up accordingly,” said Patsy Martin, Albany Board of Realtors.

Martin expects home sales will be slow for the rest of the year with holiday season around the corner.

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