July Brings Continued Growth in Alabama Home Sales
July home sales in the state increased 2.1% year-over-year from 5,492 to 5,608 closed transactions. Consistent with seasonal trends, sales increased 1.0% from June. Sales have increased 2.0% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: July listings (21,898) increased 1.0% from June and 7.5% from one year ago. Based on the current rate of sales, all the active inventory on the market would sell in 3.9 months, the same as in June and up from 3.7 months in July 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 July was $274,592, an increase of 1.0% from June and 3.9% 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 July averaged 69 days on the market, 12 days slower than one year ago.
Forecast: July sales were 281 units, or 4.8%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE estimated 5,889 sales for the month while actual sales were 5,608 units. ACRE projected a total of 36,117 home sales year-to-date, while there were 34,783 actual sales through July, a difference of 3.7%.
New Construction: The 849 new homes sold represented 15.1% of all residential sales in the state during July. Sales increased 5.7% from June and 1.8% from July 2024. The median sales price was $328.420, an increase of 6.5% from June and 1.4% from one year ago.
Click here to view the entire monthly report.
