October home sales in the state increased 3.5% year-over-year from 4,793 to 4,960 closed transactions. Consistent with seasonal trends, sales decreased 3% from September. Sales have increased 2.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: October listings (21,311) decreased 1.1% from September and increased 1.9% from one year ago. Based on the current rate of sales, all active inventory on the market would sell in 4.3 months, up from 4.2 in September and down from 4.4 months in October 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 October was $285,729, an increase of 1% from September and 11.5% 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 October averaged 73 days on the market, 13 days slower than one year ago.
Forecast: October sales were 64 units, or 1.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast 4,896 sales for the month while actual sales were 4,960 units. ACRE projected a total of 52,182 home sales year-to-date, while there were 50,282 actual sales through October, a difference of 3.6%.
New Construction: The 723 new homes sold represented 14.6% of all residential sales in the state during October. Sales decreased 16.6% from September and decreased 13.3% from October 2024. The median sales price was $330,224, an increase of 2.4% from September and 4.9% from one year ago.
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