The Alabama Association of Realtors has launched a monthly Alabama statistics report, and the first set of numbers shows a nearly 22% decrease in home sales in January 2023 over the same time period last year.
The Alabama Economic and Real Estate Report also showed that the median sales price was $212,708, down by $3,546, and that active listings increased by 67%.
“Average home prices have declined but remain high relative to pre-pandemic levels affecting housing affordability,” said Alabama Realtors President RaJane Johnson. “The combination of higher mortgage rates and higher prices will likely continue to put downward pressure on the number of home sales in the state.”
The fluctuating economy is slowing the market, said Jeremy Walker, CEO of the Alabama Association of Realtors.
“The economy is sending mixed signals, which may cause potential home buyers and sellers to sit on the sidelines while waiting to see whether there is a downturn that affects the housing market,” he said. “The slowdown in the Alabama housing market is likely to continue in the near term. Historically, sales in February are generally lower, and sales activity starts to pick up in the spring each year.”