June Home Sales in Alabama Up Over 15%
The Alabama Center for Real Estate released its June residential report, showing that new homes sales in the state's major markets are up 15.5% in June when compared to May.
Several factors contributed to the growth, while some of the most positive signs for the market came in the form of pricing and supply news. According to the Birmingham News, the median price in June increased 5% from May, and almost 6% from the same time last year.
The inventory of new home construction has dropped 27% from last year, meaning that the demand will soon push suppliers to provide more product. The Birmingham News also noted that building permits increased over 20% from May to June in Alabama, while residential contract values are up 20% from June 2010. These improvements have given a slight boost to the construction job market, construction employment was up .4% for the month.