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This month in all three markets we cover, Birmingham, North Alabama, and the Alabama coast, was as bad as anything we have yet seen. Against the backdrop of wall street meltdown, buyers have really gone into hibernation with dollar sales down on a month to month basis by 20-36% in all markets.
As always there are bright spots, a new resort with excellent sales down in Orange Beach. Reduced inventory levels in most markets.
New home inventories in the Huntsville area continue to have more months of supply than existing home inventories. The higher priced homes seem to be building supply in that market.
New homes in the Birmingham market in the $100,000-$200,000 and the $300,000-$400,000 ranges are at 6.8 and 6.6 months of supply, reasonable, except that the used home supply in those price ranges is quite large and comptetitive. The economy does not look like it is going to help out anytime soon.
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