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According to the November 2024 Alabama Economic and Real Estate Report released on Thursday by the Alabama Association of REALTORS®, the state’s housing market experienced its first increase in sales numbers in three months, and other data offers good news for both home buyers and home sellers.
Alabama recorded 5,168 home sales in November, a 5.9 percent increase over October’s figures, which reverses a three-month decline, but sales remained 2.5 percent behind the same period in 2023.
At the time the report was written, the 30-year fixed-rate mortgage was at its lowest level in seven weeks and 35 basis points below the 6.95 percent of this time in 2023.
“Cuts to the Fed funds rate and rising yields on the 10-year treasury note may predicate a more ‘normal’ rate environment,” said David Hughes, Economist at Alabama REALTORS®. “This suggests that 30-year mortgage rates are likely to remain above 6 percent, but even in the face of rates above 6 percent, median home prices have risen year-over-year for the last six months.”
The median sales price across Alabama increased by $6,093, representing a 0.4 percent increase month-over-month when compared to October, and a 2.8 percent rise from the $215,018 of November 2023, which marks the sixth straight month of year-over-year increases and indicates strong home values for sellers.
At the same time, the state’s 19,272 active listings remain near five-year highs, which allows buyers more choice and the ability to more easily find a home that fits their specific wants and needs.
The sold volume in Alabama was $1.24 billion in November, a 19.2 percent increase month-over-month and a 2.48 percent increase from one year ago.
The 416 home foreclosures in November marked a dramatic 22.2 percent decrease from 2023 and a 3.7 percent decrease from last month.
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.
