As expected, Alabama’s home sales slipped during October, compared to the previous month.

To read the Alabama Center for Real Estate’s full statewide residential report, click here. 

Five-year data shows the 16 percent drop is right in line with seasonal trends for the month, but overall, the Alabama residential sales market is trending in the right direction for the month of October.

Here are five key takeaways from this month’s residential report.

1. Sales: For the month of October, sales are up, and they have been trending that way for some time. Since the low of 2,467 units in 2010, sales have risen every year statewide. This year’s 2.7 percent gain is nearly identical to the gains during October since 2011. Year-to-date sales through October are also up 13 percent.
2. Prices: Prices are heading the right direction as well. The $139,401 median sales price during October was the best the state has seen over the past 10 years, and it is 5 percent better than the median sales price a year ago. The state hit its low in pricing during October 2011 at $115,829, but like sales, has risen each year since. Year-to-date, the price has increased 1.6 percent over last year.
3. Days on the Market: On average, houses are spending fewer days on the market, which is good news for the state. Houses spent an average of 139 days on the market during October, a 3 percent decrease from 2014. Average days on the market was north of 160 in 2011, but has decreased favorably since then. Year-to-date, the number has dropped by 2 percent compared to last year.
4. Inventory: October inventory is down. The 31,573 homes listed for sale during October was 4 percent lower than the same time last year. Inventory peaked out during October in 2007 at 42,039. it has been on a slow and steady decline since that year.
5. Inventory-to-Sales: Months of supply is trending downward as well. Though 8.1 is higher than the desired 6 months of supply, which is considered the equilibrium for the state during October, it is half of what it was during 2010 (16.2). It’s also down from 8.7 months of supply a year ago.

To read ACRE’s full PDF statewide residential report, click here. 

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.