August home sales in the state decreased 0.7% year-over-year from 5,364 to 5,328 closed transactions. Following seasonal trends, sales decreased 3.0% from July. Sales are up 0.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: August listings (20,922) increased 2.7% from July and 41.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up from 3.7 months in July and up from 3.3 in August 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 August was $257,457, a decrease of 2.6% from July and 1.8% 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 August averaged 53 days on the market, seven days slower than one year ago.
Forecast: August sales were 479 units, or 8.3%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,807 sales for the month while actual sales were 5,328 units. ACRE forecast a total of 40,874 home sales year-to-date, while there were 39,411 actual sales through August, a difference of 3.6%.
New Construction: The 904 new homes sold represented 17.0% of all residential sales in the state during August. Sales increased 8.4% from July and 13.1% from August 2023. The median sales price was $316,288, a decrease of 2.4% from July but an increase of 0.3% from one year ago.
Click here to view the entire monthly report.
