For the second time this year, Alabama home sales have reached a level which hasn’t been seen since 2005.
Less than ten years ago Alabamians experienced the collapse of the housing market. Property sales declined dramatically, leaving many questioning if the market would ever reach its former glory.
As reported by Alabama News Center, data now shows that Alabama home sales have recovered, with nearly 16,500 being sold in this year’s second quarter alone. That’s an increase of 7.2% from last year’s sale of 15,381.
Further, not only has the number of sales increased, but the price people are receiving for their homes have as well. At a new 15 year high, Alabama has seen a 7% rise year-over-year in property value. That’s an encouraging number when compared the sharp decrease in value property owners witnessed at the beginning of the Great Recession.
Data like those above are encouraging sign’s that the market is recovering. With the economic development taking place in Alabama, it appears that better days are ahead.