According to October reports released by HUD and the U.S. Census Bureau, new single family home sales rose in September by 5.7% to a seasonably adjusted annual rate of 389,000, the most rapid pace the nation has seen since the spring of 2010.
Three out of the four regions in the U.S. saw an increase in new home sales during the month of September, one being the South, which registered a 16.8% gain in single family home sales.
David Crowe, Chief Economist for the National Association of Home Builders (NAHB) commented on this, saying: â€œNew-home sales this year have consistently and significantly out-paced their year-ago levels as favorable interest rates, rising prices and improving consumer confidence have driven demand higher.”
Many markets have seen a great deal of growth over the past few months in both consumer and builder confidence. Â Prices have risen and mortgage rates have managed to stay near record lows. Â This has prompted more potential new home buyers to take advantage of current market conditions and buy new homes for sale in new housing communities, like Colony at the Grand, Â before prices and interest rates rise any higher.
Year-to-date (YTD) through September,Â new home sales in Alabama are upÂ 4.5% from 2011, according to the Alabama Center for Real Estate (ACRE). Â The five metro markets in Alabama represented nearly 70% of all statewide new home sales; Â 60% of those markets experienced YTD gains in new home sales compared to 2011. Â September also showed that 72% of local housing markets experienced YTD growth in new home sales from last year.
These numbers come as welcome news to the Alabama housing industry, as well as new home buyers who have been looking for new condos for sale in Fairhope housing communities,Â such as Colony at the Grand. Â According to Global Insight’s most recent short-term economic outlook, suchÂ current housing market trends being seen in Alabama are “setting the stage for a broad-based improvemtent in growth” to be seen over 2013 and 2014.
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