New home sales in Alabama increased 3.1% year-over-year from 848 to 874 closed transactions. Following seasonal trends, sales increased 15.3% from February. New home sales are up 15.9% year-to-date.
Inventory: New home listings (3,366) decreased 0.5% from February but increased 10.9% from one year ago. The number of new home listings in March increased significantly from recent years, rising 50.7% above the 5-year average.
At the current sales pace, all the active inventory on the market would sell in 3.9 months, down from 4.5 in February and 3.6 in March 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is six months of supply.
Pricing: The median sales price for new construction in March was $310,033, a decrease of 8.2% from February and 5.1% 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.
New homes sold in March averaged 77 days on the market (DOM), 8 days slower than one year ago.
National Overview: According to the U.S. Census Bureau, new home sales nationwide were at a seasonally adjusted annual rate of 693,000 in March. This represents an 8.8% increase from the revised February rate of 637,000 and is 8.3% above the March 2023 estimate of 640,000.
The median sales price for new homes ($430,700) increased 6.0% from February but decreased 1.9% from March 2023.
The supply of new homes was estimated at 477,000 listings (seasonally adjusted) in March, an increase of 2.6% from February and 8.9% from one year ago. Months of supply was 6.9 in March 2024, unchanged from one year ago.
