Alabama's real estate market followed the national trend of declining sales in 2023. Home sales activity fell 30.5% annually, with 2023 marking the second consecutive year of decline, according to a report from the Alabama Association of Realtors. The National Association of Realtors said existing home sales in 2023 will be the slowest since 1995 and the largest decline since 2007. AAR said economists pointed to rising mortgage rates, which squeezed affordability for buyers and locked in interest rates for existing homeowners, leading to a decline in home sales. “If mortgage rates continue to fall and Alabama maintains its historically strong economy and low unemployment rate, 2024 is a positive outlook,” said Jeremy Walker, CEO of Alabama Realtors. “Trends will form.” “As 2023 comes to a close, we look forward to a more positive future for the Alabama housing market in 2024.” According to the report, the average home sale price in Alabama in 2023 was $234,075. , down 8.8% from 2022. WVTM 13 On The Go: Download the app for free
Alabama's real estate market followed the national trend, with sales declining in 2023.
Home sales activity fell 30.5% annually, with 2023 marking the second consecutive year of decline, according to a report from the Alabama Association of Realtors.
The National Association of Realtors announced that existing home sales in 2023 will be the weakest since 1995 and the biggest decline since 2007.
AAR notes that economists point to rising mortgage rates, which squeeze affordability for buyers and lock in interest rates for existing homeowners, leading to fewer home sales. .
But AAR sees hope for the future.
“If mortgage rates continue to fall and Alabama maintains its historically strong economy and low unemployment rate, we see positive trends in 2024,” said Jeremy Walker, CEO of Alabama Realtors. will be formed,” he said. “As 2023 recedes, we look forward to a more positive future for Alabama's housing market in 2024.”
According to the report, the average home sale price in Alabama in 2023 was $234,075, down 8.8% from 2022.
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