Alabama’s housing market enjoyed a vibrant March with 4,976 sales, up 5.6% from February, according to the Alabama Association of Realtors. This marked the second consecutive month of growth in home sales.
However, March’s sales were nearly 30% below the 7,098 transactions recorded one year earlier. Still, Alabama had a 33.5% annual increase in active residential listings at the end of March, and listings were also up by 497 listings compared to February.
Homes in Alabama were also more affordable – the median home price of $202,833 was down by 1.3% from the previous year.
“We believe home sales hit their lowest point in January, a period that traditionally represents the bottom of the market, and are slowly increasing,” said Jeremy Walker, CEO of the realtors group. “However, both the consumer price index and mortgage rates have also been increasing quickly and may pose a real threat to the recent increases in Alabama’s housing market.”
