Alabama home sales were up for the fourth consecutive month in May, although they were still below the previous year’s level.
According to data from the Alabama Association of Realtors, the state recorded 5,209 home sales last month, up by 45 transactions (0.9%) from April. However, May’s total was also down by 1,244 sales (19.3%) from May 2023.
Although sales were down, listings increased to 15,776 units, up nearly 41% from one year ago. Furthermore, Alabama had a 4.4 months’ supply of inventory in May, a 63% upswing from the previous year.
The median sales price in May fell by $23,692 to $204,184, a 10.4% year-over-year decline. Compared to April, the median sales price rose by 2.9% to its highest level in four months.
“The recent reduction in interest rates has attracted more buyers into the market, and further reductions will likely attract even more,” said Jeremy Walker, CEO of the realtors’ group. “Buyers who act now, while inventory is high, have a great opportunity to find the perfect home or property.”
Photo: Allard1 / iStock
;
