Home sales, prices continue to rise in Alabama
Alabama continues to see a rise in home sales and prices as consumers enter the final quarter of 2016.
According to the Alabama Center for Real Estate’s September home sales report for Alabama, unit sales rose nearly 3 percent from September 2015 to 4,738.
Year-to-date sales are also up 6.6 percent from 2015, with 41,643 units sold as of Sept. 30.
Home sales are not the only thing on the rise.
Alabama home prices in September also rose 7 percent compared to 2015 to $147,326. The year-to-date median sales price rose 6 percent to $141,405, compared to $133,049 a year ago.
Statewide home price growth is primarily driven by the decrease in supply of homes around the state. There were 29,302 homes listed for sale in Alabama during September. That is a 10 percent decrease from a year ago and a 31 percent drop from the 2007 peak of 42,393.
Homes sold during September spent an average of 131 days on the market, a drop from 140 days a year ago.
The inventory –to-sales ratio dipped from 7 months of housing supply to 6.2 months of housing supply, meaning that at the current pace, it would take 6.2 months to rid the market of the current housing stock.
For more on the September Alabama Statewide report, click here.