Statewide home sales decrease 15% year-over-year in August
Source: Alabama Real Estate Journal / James Benedetto
James Benedetto has reported that home sales in the state decreased in August 14.5% year-over-year from 6,345 to 5,424 closed transactions. Going against seasonal trends, sales increased 6.3% from July. Sales are down 21.9% year-to-date.
James cited two more resources to review, Quarterly Report and Annual Report, and for all statewide housing data, click here.
Inventory: August listings (15,237) increased 4.0% from July and 9.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.8 months, down from 2.9 in July and up from 2.2 in August 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 August was $259,586, an increase of 0.8% from July and 7.3% 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 August averaged 47 days on the market, 9 days slower than one year ago.
Forecast: August sales were 370 units, or 6.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,794 sales for the month while actual sales were 5,424 units. ACRE forecast a total of 41,447 sales year-to-date while there were 39,524 actual sales through August, a difference of 4.6%.
New Construction: The 799 new homes sold represented 14.7% of all residential sales in the state in August. Total sales increased 4.2% from July and 11.0% from August 2022. The median sales price was $315,394, a decrease of 0.6% from July and 4.8% from one year ago.
