Alabama statewide November home sales up slightly from prior year
Sales: Alabama statewide home sales totaled 4,635 units during November, up 0.8% from 4,598 sales in the same month a year earlier. November sales were down 11.1% compared to 5,211 sales in October. Results were 22.1% above the five-year November average of 3,824 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 November totaled 20,024 units, a decrease of 10.5% from November 2018’s 22,361 units and a decrease of 3.4% from October 2019’s 20,719 units. November’s months of supply totaled 4.3 months, a decrease of 11.2% from November 2018’s 4.9 months of supply. November’s months of supply increased from October’s 4 months of supply.
Pricing: The statewide median sales price in November was $169,494, an increase of 9.3% from one year ago and a decrease of 1.2% from the prior month. The homes selling in November spent an average of 92 days on the market (DOM). Homes sold one day faster than one year ago and four days slower than the previous month. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns.
Forecast: November sales were 291 units or 6.7% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,344 sales for the month, while actual sales were 4,635 units. ACRE forecast a total of 55,935 residential sales year-to-date in 2019, while there were 59,162 actual sales through November, a difference of 5.8%.
ACRE’s statewide perspective: Residential sales growth continued in November but at a slower pace, as total residential sales increased 0.8% year-over-year from 4,598 to 4,635 closed transactions. Year-to-date, sales are up 4.2% from 2018, a record year for residential sales. Home price appreciation in the state continued to climb as the median sales price in November increased 9.3% year-over-year, marking 25 consecutive months of gains. The statewide median sales price is up 5.8% year-to-date. While properties listed for sale nationwide decreased 5.7% year-over-year, Alabama’s residential listings continued to tighten, decreasing 10.5% from one year ago. Low inventory levels were a significant factor contributing to rising sales prices throughout 2018 and continued into the fourth 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 November spent an average of 92 days on the market, a decrease of one day from November 2018.
NAR’s national perspective: Existing-home sales declined slightly in November, decreasing 0.5% year-over-year from approximately 406,000 closed transactions one year ago to 402,000 currently. The nationwide median existing-home price increased 5.4% in November, marking 93 consecutive months of year-over-year gains. Lawrence Yun, chief economist for the National Association of Realtors, said, “Sales will be choppy when inventory levels are low, but the economy is otherwise performing well, with more than 2 million job gains in the past year.” Properties listed for sale nationwide declined 5.7% in November from approximately 1.74 million listings one year ago to 1.64 million currently.
Click here to view the entire monthly report.
The Alabama Residential Monthly Report is developed in connection with the Alabama Association of Realtors.