The Alabama Association of REALTORS® released its June Alabama Economic and Real Estate Report on Monday.
The analysis revealed that home sales across the state continued to increase for the second consecutive month in June, with numbers rising 8.2% over May and 10.9% over the same period in 2024.
While the sustained growth was a positive development for homebuyers and sellers alike, economists compiling the report noted that the current numbers lag behind the years prior to 2024.
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“The continuing increase in home sales provides good news across Alabama, but the ‘slump’ described in various media outlets is real in the sense that June’s numbers are lower than years prior to 2024.” Alabama REALTORS® economist Evan Moore said. “Factors ranging from available inventory to slowing median price growth to Alabama’s robust economy point to the market favoring buyers, and it is a suitable time for buyers to consider taking action.”
According to the report, Alabama’s median sales price increased to $233,458 in June, a $4,488 boost compared to a year ago. In addition to rising 2% year-over-year, it equates to a 1.4% increase month-over-month.
Another positive sign was shown in the sold dollar volume, which is the combined sales price of all homes closed during the month. It was $1.86 billion — a massive 26.5% increase year-over-year and 9.4% higher than May.
Active home listings continued to rise for the fifth straight month and currently sit at a five-year high. The 20,298 homes under listing have increased by 22.7% compared to 2024 and 3% relative to May. The report spotlighted the fact that higher inventory provides buyers with ample selection among a wide variety of homes that fit their needs.
The timeframe for houses to remain on the market did increase. Houses remained on the market for an average of 63 days in June, which is five days longer than May and ten days longer compared to the same period in 2024
The state’s economy continued showing strength, with Alabama notching the nation’s third-highest GDP growth rate and the eighth-highest increase in current dollar personal income. Personal income growth in Alabama bested neighboring Georgia, Tennessee, and Florida.
Unemployment in Alabama rests at 3.3% for the ninth consecutive month and continues to fall below the 4.2% national rate, as well. In addition, the state’s 58% labor force participation rate is at the highest number in a decade after lagging for the past several years.
Sherri Blevins is a staff writer for Yellowhammer News. You may contact her at [email protected].
