In 2023, Alabama, like much of the United States, experienced what the National Association of Realtors (NAR) has labeled as, “the weakest year for existing home sales since 1995 and the biggest annual decline since 2007.”
“Everyone is aware that 2023 was a rough year for real estate across the country,” said Alabama Realtors President Senia Johnson.
“Alabama, like the rest of the nation, battled severe economic headwinds in its real estate market during the last year, but we remain confident that if current indicators continue moving in the right direction, 2024 will offer some welcome relief.”
Realtors CEO Jeremy Walker said he is optimistic the market will improve this year.
“If mortgage rates continue to decline and Alabama maintains its historically strong economy and low unemployment, we will likely see positive trends taking shape in 2024,” said Walker. “With 2023 fading in the rearview, we look forward to a more positive future for Alabama’s housing market in 2024.”
According to the report, Alabama experienced a substantial 30.5% annual decrease last year in home sales. This marked the second consecutive year of declining sales with a total of 76,258 recorded.
All four regions of the country – the West, Midwest, South, and Northeast – experienced year-over-year sales decreases in 2023. NAR also said the last time U.S. homes faced similar levels of “unaffordability” was in 1984, when 30-year mortgage rates were around 14%.
Austen Shipley is a staff writer for Yellowhammer News.
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