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The July 2024 Alabama Economic and Real Estate Report released on Tuesday by the Alabama Association of REALTORS® revealed a continued robust performance in the state’s housing market.
“The July report clearly shows that Alabama’s housing market is on a solid upward trajectory,” said Senia Johnson, 2024 President of Alabama REALTORS®. “A month or two of growth is a positive sign, but six consecutive months of sales increases is an irrefutable trend that should continue as interest rate reductions take effect.”
With 6,136 home sales, July marked the sixth consecutive month of increasing sales, showing a 13.1 percent rise from June and a 0.9 percent increase compared to one year ago. This represents the first year-over-year sales increase since January 2022.
The median sales price climbed to $233,216, the highest price point since August 2022, reflecting a 1.9 percent month-over-month increase and a 2.3 percent rise year-over-year.
The average sales price also saw both monthly and annual increases in July, reaching its highest level in 18 months. This suggests that sales prices are recovering and approaching the peaks observed in the summer of 2022.
Sales volume in July reached $1.51 billion, up 15.3 percent from the previous month and 8.6 percent from July 2023, making it the highest sales volume of 2024 so far.
Active listings continued to increase in July, totaling 17,368 listings, a significant 41.7 percent increase compared to one year ago.
Average 30-year mortgage rates decreased throughout July and early August, dropping recently to 6.47 percent, the lowest level recorded in over a year. This increase in inventory, coupled with declining mortgage rates, positions Alabama’s housing market for continued success in the coming months.
“The consistent growth over the past six months shows that demand for homes in our state remains strong and Alabama’s economy remains robust,” said Jeremy Walker, CEO of Alabama REALTORS®. “As the market continues to strengthen, the state remains a prime location for homebuyers and investors alike, especially when supported by an increasingly favorable mortgage rate environment.”
The Alabama Economic and Real Estate Report is published monthly and annually by the Alabama Association of REALTORS®. Click here to view the full monthly and annual reports.
