The Birmingham housing market continued to display more signs of growth last month. Recent market statistics reveal that the demand for homes is increasing and that more potential buyers searching for new homes for sale in the Birmingham area are choosing to purchase while market conditions remain favorable.
According to a recent article published by the Birmingham News, the month of August showed a rebound in home sales from a slight dip seen in July. Metro Birmingham saw home sale increase 18.4% in August, making sales for the year 14% higher than that of 2011. The average sold price for homes in Birmingham was up 13% in a year-over-year comparison, while the median sold price saw a 3% gain.
Executive director of the Alabama Center for Real Estate at the University of Alabama, positively noted that, “Across the state, 72 percent of the local housing markets have experienced year-to-date sales growth from 2011 and that is welcome news for Alabama consumers as well as our state’s real estate community, ” he said.
As the demand for homes continues to grow, so will the prices. With mortgage rates still around record lows, it is a great time for buyers to take advantage of the current Birmingham housing market and purchase in new home communities before both home prices and interest rates begin to rise higher.