October home sales in the state decreased 9.4% year-over-year from 4,863 to 4,405 closed transactions. Following seasonal trends, sales decreased 8.6% from September. Sales are down 20.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: October listings (16,828) increased 5.2% from September and 13.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.8 months, up from 3.3 in September and up from 3.1 in October 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 October was $238,756, a decrease of 5.0% from September and 3.4% 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 October averaged 49 days on the market, 5 days slower than one year ago.
Forecast: October sales were 338 units, or 7.1%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,743 sales for the month while actual sales were 4,405 units. ACRE forecast a total of 51,475 sales year-to-date while there were 48,750 actual sales through October, a difference of 5.3%.
New Construction: The 668 new homes sold represented 15.2% of all residential sales in the state in October. Total sales decreased 26.5% from September and 1.8% from October 2022. The median sales price was $322,804, an increase of 2.7% from September but a decrease of 4.7% from one year ago.
Click here to view the entire monthly report.
