Prospective home owners searching for new homes for sale are being made more aware of current trends in the local housing market and are realizing that purchasing one of the new homes for sale in the Birmingham area would be a worth while venture. While total inventory in the city has decreased by 21% since June 2011, demand for new homes continues to rise, and so do the prices.
On a national level, the U.S. real estate market is also showing signs of gaining more traction as recent reports show that home values rose in June for the fourth consecutive month. According to Zillow’s recent Real Estate Market Reports, the country’s home values rose 2.1% from the first to second quarter of 2012. In a year-over-year comparison, national home values increased by 0.2% from June 2011, which marks the first annual U.S. home value increase in nearly 5 years. Along with showing both quarterly and annual appreciation, national home values rose 0.7% for the fourth month in a row, which marked the highest home value appreciation in the second quarter since the fourth quarter of 2005. According to the Zillow Home Value Forcast, national home values are expected to appreciate by 1.1% over the next year.