T
he Alabama Association of REALTORS released its June report, showing a second consecutive month of increased home sales in the state. Sales rose 8.2% from May and 10.9% compared to the same period last year.
While this growth is positive for buyers and sellers, economists note that current numbers are lower than those seen before 2024. "The continuing increase in home sales provides good news across Alabama, but we're still seeing a 'slump' compared to pre-2024 levels," said economist Evan Moore.
Alabama's median sales price increased to $233,458 in June, up $4,488 from last year and representing a 2% year-over-year gain. Sold dollar volume reached $1.86 billion, a 26.5% increase over the same period last year and 9.4% higher than May.
Active home listings have risen for five consecutive months and now sit at a five-year high of 20,298 homes. This increased inventory provides buyers with more options to choose from. However, the average time homes spent on the market increased to 63 days in June, up five days from May and ten days compared to last year.
Alabama's economy remains strong, with the state boasting the nation's third-highest GDP growth rate and eighth-highest increase in current dollar personal income. Personal income growth outpaced neighboring states, including Georgia, Tennessee, and Florida. Unemployment in Alabama has been below 4.2% for nine consecutive months, and the labor force participation rate is at a decade-high of 58%.
