Alabama recorded 5,168 home sales during November, a 5.9% upswing from October and the first increase after three consecutive months in decline. However, the Alabama Association of Realtors also reported sales were down 2.5% from one year earlier.
The state recorded 19,272 active listings at the end of November, a scant 0.30% dip from the previous month but a 28% spike from the 15,055 one year ago. The $221,111 median sales price marked a 0.4% month-over-month uptick and 2.8% year-over-year jump, while the sold volume in November was $1.24 billion, a 19.2% increase from October and a 2.48% jump from November 2023.
Alabama saw 416 foreclosures in November, down by 3.7% from the prior month and a 22.2% annual decrease.
“Cuts to the Fed funds rate and rising yields on the 10-year treasury note may predicate a more ‘normal’ rate environment,” said David Hughes, economist at the realtors group. “This suggests that 30-year mortgage rates are likely to remain above 6%, but even in the face of rates above 6%, median home prices have risen year-over-year for the last six months.”
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