September home sales in the state decreased 0.1% year-over-year from 4,776 to 4,772 closed transactions. Following seasonal trends, sales decreased 9.9% from August. Sales are up 0.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: September listings (21,655) increased 3.3% from August and 39.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.5 months, up from 4.0 months in August and up from 3.3 in September 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 September was $260,029, an increase of 0.8% from August and 2.6% 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 59 days on the market, eight days slower than one year ago.
Forecast: September sales were 359 units, or 7.0%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,131 sales for the month while actual sales were 4,772 units. ACRE forecast a total of 46,006 home sales year-to-date, while there were 44,149 actual sales through September, a difference of 4.0%.
New Construction: The 975 new homes sold represented 20.4% of all residential sales in the state during September, the highest percentage on record for a single month. Sales increased 8.6% from August and 7.3% from September 2023. The median sales price was $313,552, a decrease of 1.5% from August and 0.2% from one year ago.
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