The following report is calculated by the Alabama Center of Real Estate. This report, along with more detailed information, can be found on their website: http://arerec.cba.ua.edu/ Are you considering a move into or out of Lee County Alabama? If you would like to receive these monthly reports, emailed directly to you, along with other local area information, feel free to contact me with a request.
The National Association of Homebuilders (NAHB) reports that the news surrounding the housing market of late has been undeniably encouraging. Both new and existing single-family home sales saw their fourth consecutive monthly increases in July, rising 9.6% and 7.2%, respectively.
On the rise for six straight months and foreshadowing the improvement in existing home sales, the Pending Home Sales Index of the National Association of Realtors® rose 3.2% in July from its June reading.
In an even more upbeat sign of a budding recovery, the inventory of new single-family homes for sale has fallen to 271,000, its lowest level since March 1993. Inventories have been falling for 27 months from a peak of 572,000 homes for sale in July 2006.
A higher sales rate and lower inventory reduced July's supply of housing to 7.5 months, down from 8.5 months in June. The months' supply measures how long it would take to sell the current inventory of homes based on the month's sales rate. As recently as January, this measure stood at an all-time high of 12.4 months.
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Active in Alabama, Mara Hawks, REALTOR with FIRST REALTY of Auburn, AL, #1 Real Estate Team in Lee County, THE LEADER in professional real estate services in Auburn, Opelika & Lee County for over 3 decades! Committed to INTEGRITY, KNOWLEDGE & SERVICE.
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Disclaimer: All information provided by this author is is not guaranteed, may be based on information collected from several sources, which may or may not be deemed reliable at the time of researching this article and may be time sensitive.
