July home sales in the state increased 9.0% year-over-year from 5,037 to 5,492 closed transactions. Going against seasonal trends, sales increased 1.6% from June. Sales are up 1.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: July listings (20,378) increased 4.9% from June and 43.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 3.6 months in June and up from 2.8 in July 2023. 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 $264,414, an increase of 2.8% from June and 1.7% 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 57 days on the market, seven days slower than one year ago.
Forecast: July sales were 194 units, or 3.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,686 sales for the month while actual sales were 5,492 units. ACRE forecast a total of 35,067 home sales year-to-date, while there were 34,083 actual sales through July, a difference of 2.8%.
New Construction: The 834 new homes sold represented 15.2% of all residential sales in the state during July. Sales decreased 15.3% from June but increased 8.7% from July 2023. The median sales price was $323,958, an increase of 3.3% from June and 2.1% from one year ago.
Click here to view the entire monthly report.
