May home sales in the state increased 1.8% year-over-year from 5,688 to 5,791 closed transactions. Following seasonal trends, sales increased 10.6% from April. 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: May listings (18,921) increased 4.5% from April and 38.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 3.5 months in April and up from 2.4 in May 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 May was $259,109, a decrease of 3.1% from April when it reached a record high of $267,374. It did, however, increase slightly (0.4%) 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 May averaged 54 days on the market, two days slower than one year ago.
Forecast: May sales were 96 units, or 1.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,887 sales for the month while actual sales were 5,791 units. ACRE forecast a total of 23,204 home sales year-to-date, while there were 23,435 actual sales through May, a difference of 1.0%.
New Construction: The 912 new homes sold represented 13.7% of all residential sales in the state during May. Sales increased 13.7% from April and 8.2% from May 2023. The median sales price was $319,546, a decrease of 6.8% from April and 8.2% from one year ago.
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