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Sales: Alabama residential sales totaling 3,184 units during November were an increase of 3.6 percent from the same month a year ago. Sales for the month continued to trend upward for the state, which bottomed out at 2,170 sales during November 2008, but have improved each year since. Sales are 11 percent above the November five-year sales average (2010-14) of 2,869 units. Year-to-date sales through November were up 12.3 percent from 2014. Two more resources to review: Quarterly Report and Annual Report
Total sales for Alabama during November were up 3.6 percent over last year.
Forecast: November sales were 6 percent, or 196 units, below our monthly forecast. Alabama Center for Real Estate‘s (ACRE) year-to-date sales forecast through November projected 43,633 closed transactions while the actual sales were 46,158 units, a 5.7 percent rise.
Supply: The statewide housing inventory during November was 30,424 units, a decrease of 7.4 percent from November 2014 and 26 percent below the November peak in 2007 (41,059 units). There was 9.6 months of housing supply in November (6 months is considered equilibrium), which represents a favorable drop of 10.6 percent from November 2014 (10.7 months). November inventory also decreased from October by 3.6 percent. This direction is consistent with historical data that indicates November inventory on average (2010-14) decreases from October by 1.8 percent.
Demand: November residential sales decreased 18 percent from the prior month. This direction is consistent with historical statewide data indicating that November sales on average (2010-14) decrease from October by 10.6 percent. The average Days on Market until a listing sold was 139 days, unchanged from last year. Nationally, November sales were 4 percent below the same period last year, the first year-over-year decrease since September 2014. See more details of how Alabama compares to the broader US market
here.
Pricing: The November median sales price increased 1.3 percent from the same period last year. During November, 11 of 25, or 44 percent, of local markets experienced price gains from November 2014. Keep in mind that this indicator can fluctuate from month to month due to sampling size of data and seasonal buying patterns. The November median sales price decreased 6.3 percent from the prior month. This direction is consistent with historical data averages (2010-14) reflecting that the November median sales price decreases 1.8 percent from October.
Seeking Balance: The metro markets in Alabama representing 70 percent of all sales continued to trend toward greater seller bargaining power with 8.5 months of supply. Outside the metro markets, Alabama’s mid-sized markets are reporting 10.8 months of supply, while rural areas are reporting 12.4 months of supply. With that said, there have been significant improvements from inventory peaks experienced during the recession. The supply of “quality” inventory in the past has impacted sales, according to some local professionals with boots on the ground.
National Industry Perspective: “Despite recent headwinds, which likely will slow economic growth compared to the first half of 2015, we see positive trends for consumer spending and housing heading into the fourth quarter,” said Fannie Mae Chief Economist Doug Duncan. “Strong home price gains should help drive an increase in household net worth again in the third quarter and, combined with low gasoline prices and mortgage rates, should support strong consumer spending throughout the rest of the year.” To read the full report,
click here. 
The average sales price for homes in Alabama during November dipped slightly to $154,990.
On average, homes sold in Alabama during November spent 139 days on the market.
Inventory during November in Alabama dipped to 30,424.
The median sales price in Alabama during November rose 1.3 percent.
Months of supply for Alabama during November is trending int he right direction, away from the 18.4 peak in 2008.
Bryan Davis is the research/media coordinator for the Alabama Center for Real Estate housed within the Culverhouse College of Commerce at the University of Alabama. He can be reached at 205-348-5416 or at bkdavis@culverhouse.ua.edu. The Alabama Residential Monthly Report is work product developed in conjunction with the Alabama Association of Realtors and its local associations. ACRE was founded by legislative act in 1996 due to the efforts of the Alabama Real Estate Commission, the Alabama Association of Realtors and the Office of the Dean, UA Culverhouse College of Commerce to serve the State of Alabama real estate industry and the consumers it serves. ACRE is not a state-funded entity, rather its operates in part because of the support of Alabama real estate licensees and goodwill & generosity of the ACRE Corporate Cabinet and our statewide ACRE Partners. The Alabama Association of Realtors serves as the voice of the real estate industry in Alabama. AAR is the largest statewide organization of real estate professionals who sale, lease, appraise, and develop residential, commercial, rural and resort properties. 
