This week, 255 metropolitan areas were listed on the monthly National Association of Home Builders/First American Improving Markets Index (IMI) list, including Birmingham. New homeowners and prospective home buyers in Hoover, Alabama and the Birmingham metro areas should be thrilled to know that Birmingham home sales are well ahead of last year.
“This is the sixth straight month in which at least 70% of all U.S. metros have qualified for the Improving Markets Index. The relative stability of the IMI is representative of the broad recovery underway, which is much more extensive than what we were looking at one year ago,” said Rick Judson, NAHB Chairman.
It comes as no surprise that the Birmingham metro area made the IMI once again. The city’s average sold price rose 13.6% in July from a year ago in 2012. The average median price also increased by 15% to $190,000. Year-to-date, the average price of homes sold in Birmingham rose 11.6% since last year to $193,205. Year-to-date media prices rose 11% to $160,292.
“The fact that more than two-thirds of all U.S. housing markets continue to be represented on the improving list should be a boon to consumer confidence at a time when many are looking to take advantage of today’s very favorable mortgage rates,” said Kurt Pfotenhauer, vice chairman of First American Title Insurance Company.
Source: National Association of Home Builders, Al.com