February 2014

4th Quarter Sales Up 18%, According to Alabama Center for Real Estate

Alabama residential sales during the fourth quarter continued to gradually improve, up 17.6 percent compared to the same period a year earlier. Total sales of 9,785 units represent the best fourth quarter since 2009 (9,678 units). To put in perspective, fourth quarter sales are still 30.2 percent below the quarterly peak established in 2005 when 14,016 units were sold.

Supply: The statewide housing inventory average during the fourth quarter was 32,552 units, an increase of 8.7 percent from the same period in 2012 and 15.1 percent below the fourth quarter peak in 2010 (38,360 units). There was 10.0 months of housing supply (8 months considered equilibrium during 4th quarter) in the fourth quarter 2013 versus 11.2 months of supply last year, a solid decline of 11.0 percent. Historical data indicates that the fourth quarter inventory-to-sales ratio in 2013 decreased 22.3 percent from the 5-year average (11.0 months) and decreased 21.9 percent from the 3-year average. 

Demand: Historical data indicates that fourth quarter sales in 2013 increased by 19.9 percent from the most recent 3-year average ('10-'12) and 16.4 percent from the 5-year quarterly average ('08-'12).

Pricing: The statewide median selling price during the fourth quarter was $129,066, an increase of 9.4 percent from the same quarter in 2012. Historical data indicates that fourth quarter median price in 2013 increased by 8.5 percent from the most recent 3-year average and 8.3 percent from the 5-year quarterly average ('08-'12). Learn More

MULTIFAMILY NEWS
 
HOME/Housing Credit Application Cycle Set

Applications will be accepted for 2014 HOME Investment Partnerships and Housing Cred
it program funding beginning at 9 a.m. on Tuesday, March 18 and ending at 5 p.m. on Thursday, March 20 during regular business hours.
 
On February 18, AHFA hosted the annual HOME & Housing Credit workshop will more than 150 in attendance. This seminar is offered free of charge each year to assist developers with the application process.
 
Click here to begin your application.
SINGLE FAMILY NEWS
Mortgage Servicing Department to Aid Mississippi HFA

ServiSolutions® has been named as the Master Servicer for the Mississippi Home Corporation. In this capacity, ServiSolutions® will service all types of mortgages including FHA, VA, Rural Development, conventional uninsured and conventional insured loans. In addition, ServiSolutions® will service second mortgages--fully amortizing as well as deferred.

Currently, ServiSolutions® services mortgage loans in Alabama, Florida, Georgia, Mississippi, Missouri, Tennessee and Washington.

ServiSolutions® is a department of Alabama Housing Finance Authority.

 

Bankers learn about AHFA programs

 

This month, AHFA promoted its single-family offerings to attendees of the Alabama Bankers Association's annual Bank Operations & Management Summit held February 5-6.