In what has been called good news for homebuyers, home listings in the state grew and prices slipped last month, according to the Alabama Association of Realtors.
The association’s monthly Alabama Economic and Real Estate Report reported 13,603 listings for September, an increase of 13.9% compared to the 11,943 listings available a year ago. The listings are a high for the year.
September also marked the sixth consecutive monthly increase in active listings and the association expects the trend to continue this month.
“Alabama’s increase in active listings is good news for prospective homebuyers,” said RaJane Johnson, president of Alabama Realtors. “More listings signify greater opportunities for individuals and families looking to find their forever homes in Alabama.”
However, the recent actions of the Federal Reserve to continuously impose a series of rate hikes has caused Alabama’s housing market to be affected by rising mortgage rates. The elevated mortgage rates have put downward pressure on home sales.
Last month, Alabama’s median and average sales prices experienced a decline for the first time in months.
“Continued increases in mortgage rates have inevitably had a negative impact on housing prices and the overall market,” said Realtors CEO Jeremy Walker.
Austen Shipley is a staff writer for Yellowhammer News.
Don’t miss out! Subscribe today to have Alabama’s leading headlines delivered to your inbox.