October home sales in the state increased 10.2% year-over-year from 4,365 to 4,811 closed transactions. Going against seasonal trends, sales increased 0.8% from September. Sales are up 1.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: October listings (20,969) decreased 3.2% from September and 27.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.4 months, down from 4.5 months in September and up from 3.8 in October 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 October was $256,591, a decrease of 1.3% from September but an increase of 4.9% 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 October averaged 59 days on the market, 11 days slower than one year ago.
Forecast: October sales were 100 units, or 2.1%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,711 sales for the month while actual sales were 4,811 units. ACRE forecast a total of 50,717 home sales year-to-date, while there were 48,960 actual sales through October, a difference of 3.5%.
New Construction: The 834 new homes sold represented 17.3% of all residential sales in the state during October. Sales decreased 14.5% from September but increased 24.9% from October 2023. The median sales price was $314,931, an increase of 0.4% from September but a decrease of 2.4% from one year ago.
Click here to view the entire monthly report.
