Alabama home sales decrease 28% year-over-year in April

Sales: April home sales in the state decreased 27.6% year-over-year (Y/Y) from 6,615 to 4,791 closed transactions. Going against seasonal trends, sales decreased 8.5% from March. Sales are down 27.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all statewide housing data, click here.

Inventory: April listings (13,432) increased 2.3% from March 34.0% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, up from 2.5 in March and 1.5 in April 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.

Pricing: The statewide median sales price in April was $239,734, a decrease of 0.1% from March but an increase of 2.3% from one year ago. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in April averaged 58 days on the market (DOM), 17 days slower than one year ago.

Forecast: April sales were 202 units, or 6.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 3,129 sales for the month while actual sales were 3,331 units. 

New Construction: The 710 new homes sold represent 14.8% of all residential sales in the area in April. Total sales decreased 23.4% year-over-year. The median sales price in April was $321,569, a decrease of 1.6% from March but an increase of 0.6% from one year ago. New homes sold in an average of 73 days, 36 days slower than April 2022. 

Click here to view the entire monthly report.