May home sales in the state increased 4.1% year-over-year from 5,733 to 5,696 closed transactions. Following seasonal trends, sales increased 11.2% from April. Sales are up 1.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: May listings (21,273) increased 4.3% from April and 14.6% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, down from 3.8 months in April and up from 3.2 months in May 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The statewide median sales price in May was $271,742, an increase of 2.8% from April and 4.4% from one year ago. The differing sample size (number of residential sales in 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 May averaged 69 days on the market, 15 days slower than one year ago.
Forecast: May sales were 198 units, or 3.4%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,771 sales for the month while actual sales were 5,969 units. ACRE forecast a total of 24,039 home sales year-to-date, while there were 23,621 actual sales through May, a difference of 1.7%.
New Construction: The 950 new homes sold represented 15.9% of all residential sales in the state during May. Sales increased 16.9% from April and increased 4.2% from May 2024. The median sales price was $316,799, an increase of 0.5% from April but a decrease of 0.9% from one year ago.
Click here to view the entire monthly report.
