According to the April 2024 Alabama Economic and Real Estate Report released on Tuesday by the Alabama Association of Realtors, the state’s housing market has steadily improved in recent months, creating the most favorable conditions buyers have seen in recent years.
“While it appears that lending rates will remain elevated, buyers have more affordable options in today’s housing market,” said Jeremy Walker, CEO of Alabama REALTORS. “April has been the state’s most encouraging month this year, and indicators point to further improvements throughout the summer.”
The 5,164 home sales recorded in April reportedly represent a 3.8% month-over-month increase, contributing to the roughly $100 million rise in sales volume compared to March of 2024. Active residential listings also continued to climb in April, marking a 37.2% annual increase and a monthly growth of 485 listings. The 15,072 active listings currently on the market is the highest number recorded since June 2020.
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Additionally, the median sales price declined by 4.3% year-over-year and 2.2% month-over-month, reaching its lowest level since March 2021.
Senia Johnson, 2024 President of Alabama REALTORS, urged prospective home buyers to reach out to a realtor given the positive news.
“As the weather has warmed up, so has Alabama’s housing market,” said Johnson.
Federal Reserve leaders continue to indicate that the federal funds rate target will remain unchanged for the next few months, reducing the likelihood of a rate cut in 2024.
Austen Shipley is a staff writer for Yellowhammer News. You can follow him on X @ShipleyAusten
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