According to the October 2023 Alabama Economic and Real Estate Report released by the Alabama Association of REALTORS® (AAR), the state’s housing market remains down, but there is hope for a future rebound. The report shows that in October, Alabama had 5,596 home sales, which is a decline of 3,488 sales compared to the previous year. The median sales price also decreased by $17,016, representing a loss of roughly 7.6 percent.
However, there are positive signs as well. The average sales price actually increased by 0.6 percent in October compared to September 2023. Additionally, there was a 16.5 percent increase in active listings compared to the previous year, and 975 new listings have entered the market since September.
Senia Johnson, expressed optimism about the increase in available homes, stating that it provides potential buyers with more opportunities for homeownership.
Jeremy Walker, CEO of Alabama REALTORS®, expressed optimism about the real estate market in Alabama due to the declining interest rates. He highlighted that the decrease in rates opens up new opportunities for growth and investments in the state. Walker also mentioned that Alabama’s economy is strong, with a decrease in unemployment, an increase in labor participation, and a rise in residential listings. These positive factors, along with falling mortgage rates, may contribute to increased sales activity, even during the winter months, despite seasonal trends. The Alabama Economic and Real Estate Report is published regularly by the Alabama Association.
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