New home construction shows signs of life for housing market - WTVM.com-Columbus, GA News Weather & Sports

New home construction shows signs of life for housing market

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MONTGOMERY, AL (WSFA) -

Housing prices are on the rise and realtors say they won't be getting any cheaper.

It's one reason local home builders tell us they're seeing record sales this year--something they haven't seen since 2007.

For the past 6-7 years The Oaks neighborhood on Taylor Road has been lifeless.

The plan was to fill the space with homes years ago.

But when the housing market crashed, the homes were never built until now.

The question is: does new home construction truly mean the market's bouncing back?

"It's been real busy. It's been very very good," says Jimmy Rutland, Vice President of Lowder New Homes. 

"In the state new home sales are up. Locally, building permits are up as much as 50%."

His company is seeing record sales.

"Where typically we sell 10 homes a month, we sold 19 in the month of April."

And they keep coming in The Oaks subdivision.

"We started three homes, spec homes and sold all of those and we already signed contracts to do three pre-sales."

And in others nearby. Alabama isn't the only place seeing revival.

"It shows that prices went up in 46 states over the past year," says Rutland.

For now, the sounds and sights of construction are music to Rutland's ears.

"Oh, it's a great sign."

As another "sold" sign lines the street.

Local realtors say the first five months of 2013 have been better than all of 2012.

Realtors expect interest rates and material costs to rise adding what could be a bump in the road for potential buyers.

According to statistics, Montgomery home prices rose 13% this year.

Copyright 2013  WSFA 12 News.  All rights reserved.

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