November home sales in the state increased 10.0% year-over-year from 3,891 to 4,282 closed transactions. Following seasonal trends, sales decreased 10.9% from October. Sales are up 2.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: November listings (21,348) increased 1.9% from October and 29.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 5.0 months, up from 4.4 months in October and from 4.2 in November 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 November was $260,471, an increase of 1.4% from October and 5.2% 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 November averaged 64 days on the market, 16 days slower than one year ago.
Forecast: November sales were 84 units, or 1.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,366 sales for the month while actual sales were 4,282 units. ACRE forecast a total of 55,083 home sales year-to-date, while there were 53,242 actual sales through November, a difference of 3.3%.
New Construction: The 872 new homes sold represented 20.4% of all residential sales in the state during November. Sales increased 4.6% from October and 28.4% from November 2023. The median sales price was $321,625, an increase of 2.1% from October and 3.6% from one year ago.
Click here to view the entire monthly report.