Overall, 2012 proved to be a positive transitional year for the national housing market.Â A number of factors, such as rising home values, near record-low mortgage rates, and lowering inventory levels have contributed to more buyers seeking to purchase new homes for sale.
According to the Alabama Center for Real Estate (ACRE), 80% of Alabama’s metro markets have shown substantial improvements in new home sales for 2012, and new home construction has also increased throughout the state.
In November, statewide new housing starts increased by 18.4% from November 2011.Â As of January 25th, 2013- YTD housing starts are up 5.7%.Â November statewide building permits, which historically are an indicator of builders’ outlook on the housing market, were up 17.7% from November 2011.Â As of January 25th, 2013- YTD building permits are up by 7.7%.
Through November, 76% or 19 ofÂ the 25 the local Alabama housing markets across the state have had year-to-date sales growth from 2011, which is well-received news for both the Alabama real estate community and home buyers seeking new homes for sale, as higher home sales typically lead lead to higher home values.
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