Sales: Alabama statewide home sales totaled 5,510 units during September, up 8.7% from 5,069 sales in the same month a year earlier. September sales were down 12.8% compared to 6,317 sales in August. Results were 19.6% above the five-year September average of 4,606 sales. Two more resources to review: Quarterly Report and Annual Report.
For all statewide housing data, click here.
Inventory: Homes listed for sale statewide during September totaled 21,373 units, a decrease of 9.7% from September 2018’s 23,680 units and an increase of 0.8% from August 2019’s 21,198 units. September’s months of supply totaled 3.9 months, a decrease of 17% from September 2018’s 4.7 months of supply. September’s months of supply increased from August’s 3.4 months of supply.
Pricing: The statewide median sales price in September was $175,501, an increase of 7% from one year ago but a decrease of 0.5% from the prior month. The homes selling in September spent an average of 82 days on the market (DOM). Homes sold eight days faster than one year ago and four days faster than the previous month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns.
Forecast: September sales were 422 units or 8.3% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 5,088 sales for the month, while actual sales were 5,510 units. ACRE forecast a total of 46,816 residential sales year-to-date in 2019, while there were 49,316 actual sales through September, a difference of 5.3%.
ACRE’s statewide perspective: Residential sales growth continued in September as total residential sales increased 8.7% year-over-year from 5,069 to 5,510 closed transactions. Year-to-date, sales are up 4.3% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in September increased 7% year-over-year, marking 23 consecutive months of gains. The statewide median sales price is up 4.3% year-to-date. While nationwide inventory levels (active listings) decreased 2.7% year-over-year, Alabama’s residential listings continue to tighten, decreasing 9.7% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the third quarter of 2019. With low inventory levels, it is not surprising to see homes selling at a slightly quicker pace than one year ago. Homes selling in Alabama during September spent an average of 82 days on the market, a decrease of eight days from September 2018.
NAR’s national perspective: Existing home sales rebounded in September, increasing 7.4% year-over-year from approximately 421,000 closed transactions one year ago to 452,000 currently. The nationwide median existing-home price increased 5.9% in September, marking 91 consecutive months of year-over-year gains. John Smamby, president of the National Association of Realtors, said, “For families on the sidelines thinking about buying a home, current rates are making the climate extremely favorable in markets across the country. These traditionally low rates make it that much easier to qualify for a mortgage, and they also open up various housing selections to buyers everywhere.”
Click here to view the entire monthly report.
The Alabama Residential Monthly Report is developed in connection with the Alabama Association of Realtors.