Home sales in the Birmingham area, as reported by the Birmingham News, saw a 9% rise in November over October. 616 home sales were reported this November, compared to 563 in October.
When compared to the surge of home sales earlier in the year from the federal tax credit incentive, sales now look slow. There are a few bright spots however when you start to dig. For instance, home prices are on the way back up. According to The Birmingham News on AL.com, November's average sale price rose to $178,808 which is up 4.5% from the same time last year. Median sold price also rose to $152,100 which is a 5% increase from last year.
Brian Sparks of Ingram & Associates, the new president-elect of the Realtors group, was quoted as saying "Hopefully, that trend will continue from month to month." A full upswing of the real estate market will occur one day at a time, month over month, instead of a sudden overnight surge. A positive trend month to month on new homes in Birmingham (as well as pre-owned homes) is exactly what the market needs to be doing right now, and what it needs to continue to do for quite some time.