June home sales in the state decreased 8.2% year-over-year from 5,891 to 5,405 closed transactions. Going against seasonal trends, sales decreased 5.7% from May. Sales are down 0.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: June listings (19,426) increased 4.6% from May and 39.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, up from 3.2 months in May and up from 2.4 in June 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 June was $257,192, a decrease of 1.2% from May and 2.6% 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 June averaged 53 days on the market, two days slower than one year ago.
Forecast: June sales were 772 units, or 12.5%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 6,177 sales for the month while actual sales were 5,405 units. ACRE forecast a total of 29,381 home sales year-to-date, while there were 28,591 actual sales through June, a difference of 2.7%.
New Construction: The 985 new homes sold represented 18.2% of all residential sales in the state during June. Sales increased 8.0% from May and 3.0% from June 2023. The median sales price was $313,558, a decrease of 1.9% from May and 3.2% from one year ago.
Click here to view the entire monthly report.
