After a brief pause during the month of July, new home sales are back to their upward trend once again. This great news follows our previously reported achievements in our very own Birmingham metro area housing market.
According to the National Association of Home Builders, new home sales have jumped 7.9 percent in August. Nationally, this pushes new home sales to a level of 421,000 annually. The Mid-Atlantic as a whole also showed improvement, along with two other regions. Additionally, home prices rose 0.6 percent, another small victory for the housing market.
New home sales have a profound impact on the economy and its recovery. Any good news regarding these sales is always a great sign for the future of home ownership. Since the downturn of the market, new homes have struggled, just barely turning sales. Now, these same sales are carrying much of the market, proving their importance. In fact, new homes account for 30 percent of all sales in our country – a huge portion.
Demand is expected to rise, encouraging homebuilders to work faster in order to build a sufficient inventory. The time from home completion to sale has decreased to just three short months, a fast and profitable turn for builders. The best part is, that there is still a good amount of room for more improvement. New home sales are still well below the pre-recession levels. However, the pace is now 56 percent above the extreme low from early 2011. With demands, sales, and prices increasing as they are, we can expect even better news in the months to come.
Ross Bridge offers an array of community amenities and home features not available in other neighborhoods. We’re tucked away in the outskirts of Birmingham, but still close enough to access the city and its many attractions. Residents can rely on Ross Bridge and feel confident that their decision to move into our community was the best they’ve ever made.