August home sales in the state increased 2.5% year-over-year from 5,294 to 5,426 closed transactions. Consistent with seasonal trends, sales decreased 3.3% from July. Sales have increased 2.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: August listings (23,083) increased 5.4% from July and 10.2% from one year ago. Based on the current rate of sales, all the active inventory on the market would sell in 4.3 months, up from 3.9 in July and up from 4.0 months in August 2024. 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 $271,396, a decrease of 1.2% from July but an increase of 5.2% from one year ago. The differing sample size (number of residential sales in 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 71 days on the market, 18 days slower than one year ago.
Forecast: August sales were 594 units, or 9.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast 6,020 sales for the month while actual sales were 5,426 units. ACRE projected a total of 42,137 home sales year-to-date, while there were 40,209 actual sales through August, a difference of 4.6%.
New Construction: The 811 new homes sold represented 14.9% of all residential sales in the state during August. Sales decreased 4.5% from July and 9.7% from August 2024. The median sales price was $313,939, a decrease of 4.4% from July and 1.3% from one year ago.
Click here to view the entire monthly report.
