T
he latest Alabama Economic and Real Estate Report reveals a boost in housing market sales after three months of decline. In November, the state recorded 5,168 home sales, a 5.9% increase from October's figures. Although this is still 2.5% behind the same period last year, it marks a positive trend for both buyers and sellers.
The 30-year fixed-rate mortgage has dropped to its lowest level in seven weeks, with rates 35 basis points lower than at the same time in 2023. Economist David Hughes notes that this could signal a more stable rate environment, suggesting 30-year mortgage rates will likely remain above 6%. Despite this, median home prices have risen year-over-year for six consecutive months.
The median sales price across Alabama increased by $6,093 (0.4% month-over-month) and 2.8% from November 2023, indicating strong home values for sellers. With 19,272 active listings near five-year highs, buyers now have more options to find a home that meets their needs.
The sold volume in Alabama reached $1.24 billion in November, a 19.2% increase month-over-month and 2.48% from the same period last year. Foreclosures also decreased by 22.2% compared to 2023 and 3.7% from the previous month.
