June home sales in the state decreased 16.7% year-over-year from 7,164 to 5,970 closed transactions. Following seasonal trends, sales increased 5.0% from May. Sales are down 23.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: June listings (14,489) increased 5.8% from May and 12.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.4 months, unchanged from May but up from 1.8 in June 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 June was $264,698, an increase of 2.6% from May and 9.4% 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 June averaged 51 days on the market, 14 days slower than one year ago.
Forecast: June sales were 384 units, or 6.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 6,354 sales for the month while actual sales were 5,970 units. ACRE forecast a total of 29,731 sales year-to-date while there were 28,997 actual sales through June, a difference of 2.5%.
New Construction: The 956 new homes sold represented 16.0% of all residential sales in the state in June. Total sales increased 13.4% from May but decreased 4.7% from June 2022. The median sales price was $323,987, a decrease of 4.4% from May and 6.0% from one year ago.
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