Local new home sales jump 9 percent

We got Picked up By the Birmingham Business Journal Today 10/13/2008 In an Article Buy Lauren B. Cooper. See our full commentary here.

Birmingham area new home sales rose 9 percent in September, while existing home sales fell nearly 7 percent in the month, according to a recent report.

According to the Rudulph/Brander Monthly Birmingham Area Real Estate Report, a locally published report that cites the Birmingham Multiple Listing Service, 330 new homes sold last month, compared to 302 in August.

Total dollar sales fell 5 percent to $238.9 million in September from $252.3 million in August, a decline that was expected for this time of year, and a 17 percent decline from September 2007, said the report.

The inventory of new homes on the market decreased to eight months in September, compared to 9.1 months in August and 8.3 months in September 2007.

The report said that sales of existing homes fell 6.9 percent to 1,035 last month, compared to 1,112 in August. Inventory of existing homes is at 11.3 months, with 2,663 homes on the market.


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