March new home sales in Alabama grew 24 percent compared to the month of February and were slightly lower than March 2016.
According to the Alabama Center for Real Estate’s latest New Construction data, March new home sales in the five major markets in Alabama totaled 390 units, one shy of last year’s mark. There were 314 new homes sold during February.
Here’s how the five markets stacked up for March.
Total Sold: 141
Total Sold: 144
Total Sold: 32
Total Sold: 50
Total Sold: 23
Here’s some other information from the March New Construction report for the state of Alabama and the United States.
Demand: New home sales totaling 390 units in March decreased 0.3 percent from last year. March new homes sales were 24 percent above the prior month. Average days on market in March of 115 represent a 17.6 percent decrease from last March .
Supply: Months of new home supply in March was 5.0 months. Statewide new construction inventory is approximately 3 percent above last March and up 3 percent from last month.
National Perspective from National Association of Home Builders (NAHB)
From Robert Dietz, NAHB chief economist: “The March sales numbers are the second highest on record since the Great Recession, which is especially encouraging considering the poor weather conditions throughout many parts of the country. With tight existing home inventory, rising household formations and continued job creation, we can expect further growth in new home sales moving forward.”
Twelve out of the 27 associations (44 percent) reported building permit gains from March 2016, while 16 associations (59 percent) experienced gains in housing starts. Sixteen associations experienced an increase from their February 2017 monthly housing starts.
Here’s a look at year-to-date housing start growth rates from select markets from across the state: Birmingham (75.5 percent) Huntsville (-10 percent), Shoals Area (32.6 percent).Tuscaloosa (45 percent) and Mobile (60 percent).