September home sales in the state decreased 18.6% year-over-year from 5,921 to 4,821 closed transactions. Following seasonal trends, sales decreased 11.1% from August. Sales are down 21.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: September listings (16,004) increased 5.0% from August and 11.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.3 months, up from 2.8 in August and up from 2.4 in September 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 September was $251,266, a decrease of 3.2% from August but an increase of 3.4% 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 September averaged 51 days on the market, 11 days slower than one year ago.
Forecast: September sales were 464 units, or 8.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,285 sales for the month while actual sales were 4,821 units. ACRE forecast a total of 46,732 sales year-to-date while there were 44,345 actual sales through September, a difference of 5.1%.
New Construction: The 909 new homes sold represented 18.9% of all residential sales in the state in September. Total sales increased 13.8% from August and 0.4% from September 2022. The median sales price was $314,321, a decrease of 0.3% from August and 11.5% from one year ago.
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