July home sales in the state decreased 17.9% year-over-year from 6,217 to 5,103 closed transactions. Following seasonal trends, sales decreased 14.5% from June. Sales are down 22.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: July listings (14,690) increased 1.4% from June and 5.7% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.9 months, up from 2.4 in June and from 2.2 in July 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 July was $258,422, a decrease of 2.4% from June but an increase of 4.3% 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 July averaged 46 days on the market, 11 days slower than one year ago.
Forecast: July sales were 819 units, or 13.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,992 sales for the month while actual sales were 5,103 units. ACRE forecast a total of 35,653 sales year-to-date while there were 34,100 actual sales through July, a difference of 4.4%.
New Construction: The 767 new homes sold represented 15.0% of all residential sales in the state in July. Total sales decreased 19.8% from June and 9.3% from July 2022. The median sales price was $317,377, a decrease of 2.0% from June and 8.9% from one year ago.
Click here to view the entire monthly report.
