Buying a new home in Atlanta is still affordable despite rising prices! While prices have risen in the metro area, they haven’t risen as fast here in Atlanta as they have in other major metropolitan cities around the nation.

According to a national survey measuring the value of residential real estate in 20 major metro areas, home prices in metro Atlanta have climbed by 5.6 percent over the last year, while the national average home price is up 6.4 percent. This marks 22 months of prices rising higher than 5 percent, according to David Blitzer, chairman of the index committee at S&P Dow Jones.

Much of the cause of the price increase can be attributed to a strong economy, as well as a growing shortage of homes for sale. The growing economy means that the demand for housing is increasing, and as long as this economy continues creating new jobs, the rising prices are expected to increase.

The top 20 metro areas ranked by year-over-year increase in price are listed below:

Seattle 13.6%

Las Vegas 12.6%

San Francisco 10.9%

Denver 8.5%

Los Angeles 7.6%

(T) Phoenix 7.3%

(T) San Diego 7.3%

Detroit 7.1%

Boston 7%

Tampa 6.5%

Minneapolis 6.4%

Charlotte 6%

Portland 5.9%

(T) Atlanta 5.6%

(T) Dallas 5.6%

(T) Miami 5%

(T)Cleveland 5%

New York 4.2%

Chicago 3.3%

Washington, DC 3.1%