Sales: May home sales in the state decreased 19.5% year-over-year (Y/Y) from 7,065 to 5,688 closed transactions. Following seasonal trends, sales increased 18.5% from April. Sales are down 25.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: May listings (13,696) increased 2.0% from April and 21.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, down from 2.8 in April but up from 1.6 in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The statewide median sales price in May was $258,049, an increase of 7.6% from April and 6.4% 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 May averaged 52 days on the market (DOM), 12 days slower than one year ago.
Forecast: May sales were 69 units, or 1.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,757 sales for the month while actual sales were 5,688 units. ACRE forecast a total of 23,377 sales year-to-date while there were 23,027 actual sales through May, a difference of 1.5%.
New Construction: The 843 new homes sold represented 14.8% of all residential sales in the state in May. Total sales decreased 12.3% year-over-year. The median sales price was $338,818, an increase of 5.4% from April and an increase of 3.1% from one year ago.
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