April home sales in the state increased 9.3% year-over-year from 4,791 to 5,234 closed transactions. Following seasonal trends, sales increased 5.6% from March. Sales are up 1.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: April listings (18,106) increased 5.4% from March and 34.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.5 months, unchanged from March and up from 2.8 in April 2023. 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 $267,374, an increase of 8.4% from March and an increase of 11.5% 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, unchanged from one year ago.
Forecast: April sales were 56 units, or 0.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,188 sales for the month while actual sales were 5,234 units. ACRE forecast a total of 17,317 home sales year-to-date, while there were 17,644 actual sales through April, a difference of 1.9%.
New Construction: The 802 new homes sold represented 15.3% of all residential sales in the state during April. Sales decreased 8.2% from March but increased 13.0% from April 2023. The median sales price was $342,839, an increase of 10.6% from March and 6.6% from one year ago.
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