According to April 2024 Alabama Economic and Real Estate Report The state’s housing market has steadily improved in recent months, creating the most favorable conditions for buyers seen in recent years, the Alabama Association of Realtors said Tuesday.
“While lending rates appear to remain high, buyers have more affordable options in today’s housing market,” said Jeremy Walker, CEO of Alabama Realtors. “April has been the most encouraging month for the state this year, and indicators show further improvement throughout the summer.”
According to reports, the number of home sales recorded in April was 5,164, an increase of 3.8% month-on-month, contributing to an increase in sales volume of approximately $100 million compared to March 2024. The number of active residential properties also continued to increase in April, hitting an annual rate of 37.2%. The number of monthly listings increased by 485. The number of active listed stocks currently on the market is 15,072, the highest number since June 2020.
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Furthermore, the median sales price fell 4.3% year-on-year and 2.2% month-on-month, the lowest level since March 2021.
Senia Johnson, 2024 president of the Alabama Association of Realtors, encouraged potential homebuyers to contact their real estate agents following this positive news.
“As the weather gets warmer, so does Alabama’s housing market,” Johnson said.
Fed leaders continue to say they will keep their federal funds rate target unchanged in the coming months, making a rate cut in 2024 less likely.
Austin Shipley is a staff writer for Yellowhammer News. You can follow him on X @ShipleyAusten
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