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Sales: Alabama home sales totaling 5,471 units during June were an increase of 4.8 percent from the same month a year ago. Year-to-date home sales for the state through June were up 8.2 percent compared to the same period last year. Two more resources to review: Quarterly Report and Annual Report.
Forecast: June sales were 11 percent or 530 units above the Alabama Center for Real Estate‘s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through June projected 24,426 closed transactions, while the actual sales were 26.611 units, a favorable difference of 9 percent.
Supply: The statewide housing inventory during June was 30,441 units, a decrease of 8.6 percent from June 2015 and 30 percent below the June peak in 2008 (43,536 units). There were 5.6 months of housing supply in June (6 months is considered equilibrium), which represents a favorable drop of 12.8 percent from June 2015 (6.4 months). June inventory decreased from May by 0.2 percent. This direction contrasts with historical data that indicate June inventory on average (2011-15) increases from May by 0.5 percent.
Demand: June residential sales increased 3.6 percent from May. This direction is consistent with historical statewide data indicating that June sales on average (2011-15) increase from May by 4.2 percent. The average days on market until a listing sold was 149 days, up 2.6 percent from last year. Nationally, June sales were 4.5 percent above the same period last year. Nationally, existing home sales are up 3 percent over June 2015. See how Alabama compares with the U.S. residential market by
clicking here. Pricing: The June median sales price increased 8.5 percent from the same period last year to $152,968. During June, 92 percent of local markets experienced price gains from June 2015. This indicator can fluctuate from month to month due to sampling size of data and seasonal buying patterns. The June median sales price increased 5.5 percent from May. This direction is consistent with historical data averages (2011-15) reflecting that the June median sales price increases 4.5 percent from May.
Seeking balance: The metro markets in Alabama representing 70 percent of all sales continued to trend toward greater seller bargaining power with 4.9 months of supply. Outside the metro markets, Alabama’s midsized markets are reporting 5.9 months of supply, while rural areas are reporting 9.1 months of supply. There have been significant improvements from inventory peaks experienced during the recession. The supply of quality inventory in the past has affected sales, according to some boots-on-the-ground professionals.
Industry perspective: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report,
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The average sales price for homes sold in Alabama during June was $183,793.
On average, homes that sold in Alabama during June spent 149 days on the market.
There were 30,441 homes listed for sale in Alabama during June.
The median sales price for homes sold in Alabama during June was $152,968.
There were 5.6 months of supply on the market during June in Alabama.
There were 5,471 homes sold in Alabama during June.
