Alabama’s housing market experienced a boost in July with median and average sales prices seeing upward trends, according to the July Alabama Economic & Real Estate Report published by the Alabama Association of Realtors.
The monthly report offers a deep dive into the state’s real estate metrics. In July, they saw a promising direction.
Alabama’s median sales price rose to $228,030 in July, marking it as the highest median sales price of the year. This surge represents a significant month-over-month jump of 0.8%.
Simultaneously, the state’s average sales price, which had been on a downtrend, saw a revival. The average sales price in July reached $228,112, reflecting a month-over-month increase of 1.3%.
“First-time buyers are facing multiple challenges, including elevated home prices, higher interest rates, renewed student loan obligations, and reduced purchasing capacity,” said Jeremy Walker, Alabama Realtors CEO.
The total number of home sales in July decreased 7.5% month over month to 6,084, which is the lowest July total home sales in five years, according to the report.
That trend is expected to continue in August as interest rates have increased and continue to exert downward pressure on overall sales, especially among younger and first-time buyers.
“The rise in the median and average sales prices are encouraging and show the continued strength of Alabama home values,” said Realtors President RaJane Johnson.
Grayson Everett is a staff writer for Yellowhammer News. You can follow him on Twitter @Grayson270
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