Take a look at the current housing market here in Alabama

While there is a downward trend in Alabama home sales and median sales price, the trend itself is not drastic, although in August of this year we saw another consecutive month of declining prices and sales, while the number of homes listed on the market statewide continues to increase.

Here’s a snapshot of the housing market in Alabama in August:

Home sales + median sales prices down in August

Take a look at some statewide trends for Alabama in August, from the Alabama Economic and Real Estate Report:

• Alabama had 6,041home sales in August, a 1.7% decrease from July and a 5.6% decrease from last year.
• The median sales price was $222,811, down 2.6% from July and $12,764 lower than a year ago. This is an annual decrease of 5.4%.
• The sold volume was $1.69 billion in August, a 3.4% decrease from July but an increase of $0.10 billion from last August. This marks a 6.3% annual increase.
• The 20,803 active listings at the end of August mark an increase of 14.7% compared to 18,136 one year ago.
•  The 563 foreclosures in August represent a 2.6% month-over-month increase and a 27.7% year-over-year increase.

“While we observe median home prices remaining at relatively affordable levels, the average, or mean, sales price continues to increase in the state. This tells us that for the wealthiest Alabamians, the housing market is still running fairly hot, but at the lower end, we see greater affordability for more typical households.”

Dr. David Hughes, economist, AUM

Stay in the know about all things Alabama! Follow The Bama Buzz on Facebook, LinkedIn & Instagram!