Real Estate Prices in Birmingham

Real estate prices in the Birmingham metro area have climbed by an average of $20K over the last 6 months. What could be causing this? I believe three things:

1. Lack of inventory - Soon 6 months worth of foreclosures that were postponed due to the foreclosure moratorium will hit the market.
2. $8K tax credit - As much as I hate to say it, the tax credit seems to be moving some houses.
3. Seasonal spike - People, home sales spike EVERY year around this time.

Watch out for falling prices.