July was a slow month for home sale transactions in Alabama, according to new data published by the Alabama Association of Realtors (AAR).
The state recorded 6,084 home sales last month, a 33.3% decline from the 3,043 sales in July 2022. The median sales price of $228,030 was down by 7.5% from the $246,569 from one year earlier.
“The decrease in sales for July may signal further declining sales if 30-year mortgage rates remain elevated and potentially exceed 7%,” said the AAR in its data report. “The sold dollar volume in July 2023 was $1.4 billion, which is down $900 million from July 2022. This sales figure represents a 39.1% decline, year-over-year. While average prices increased, this was more than offset by the decline in sales resulting in a lower sales volume. The sold dollar volume this month is below the pre-pandemic level in July 2019.”
But while sales and prices were down, the local inventory expanded. Alabama had 12,259 active listings at the end of July, up 9% from the 11,244 one year ago. Another positive development was the decline in foreclosures – 402 in July, down 13.7% from 466 one year earlier.
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