After total home closings in Hoover declined 18% in 2022, they fell by another 23% in 2023, according to statistics from the Greater Alabama Multiple Listing Service.
After the average for mortgage rates nationally nearly reached eight percent in October, rates have fallen to below seven percent. The Mortgage Bankers Assocati
Data shows the number of homes sold in Vestavia increased in 2020 and 2021 but declined last year, while the number of new homes has decreased in the past five years.
The number of home closings along the U.S. 280 corridor in north Shelby County fell 14%, from 1,748 home closings in 2021 to 1,504 in 2022, according to data from the Greater Alabama Multiple Listing Service.
The residential real estate market in Hoover slowed down in 2022 as interest rates climbed, but it’s still a very healthy market, and the prospects look good for the rest of 2023, Realtors and home builders say.