April new home sales in Alabama fell 2.8 percent compared to the month of March and were 21 percent higher than April 2016.
According to the Alabama Center for Real Estate’s latest New Construction data, April new home sales in the five major markets in Alabama totaled 379 units. There were 390 new homes sold during March.
Here’s how the five markets stacked up for March.
Birmingham
Total Sold: 151
Huntsville
Total Sold: 133
Mobile
Total Sold: 26
Montgomery
Total Sold: 56
Tuscaloosa
Total Sold: 13
Here’s some other information from the April New Construction report for the state of Alabama and the United States.
Demand: New home sales totaling 379 units in April increased 21 percent from last year. April new homes sales were 2.8 percent below the prior month. Average days on market in April of 105 represent a 12.8 percent decrease from last April.
Supply: Months of new home supply in April was 5.0 months. Statewide new construction inventory is approximately 3.6 percent below last April and down 3.9 percent from last month.
National Perspective from National Association of Home Builders (NAHB)
From Robert Dietz, NAHB chief economist: “NAHB expects new home sales to continue to progress along the established, modest growth trend due to ongonig job growth, improving household formations, continuing favorable housing affordability conditions, and tight existing home inventory.”
Eleven out of the 27 associations (40%) reported building permit gains from April 2016, while 15 associations (55%) experienced gains in housing starts. Ten associations experienced an increase from their March 2017 monthly housing starts.
Here’s a look at YTD housing start growth rates from select markets from across the state: Birmingham (57%) Huntsville (-4.3%), Shoals Area (0.9%).Tuscaloosa (41%) and Mobile (38%).
