Alabama housing market continues to see sales decline in December report
Updated: January 28, 2024 4:55 PM CST
A new real estate report shows Alabama home sales remain depressed, but changes are expected that could improve the market. A report from the Alabama Association of Realtors shows home sales in December 2023 were down 42% compared to December of the previous year. >> : WVTM 13 National Coverage AAR's report also shows that the median sales price rose to just under $224,000 in December. But real estate agents are hopeful for better conditions as the new year approaches spring. “December traditionally sees a decline in home sales across the country,” said Senia Johnson, 2024 president of Alabama Realtors. “However, our nation's economists point out that three essential ingredients for an economic recovery await us in the short term: lower mortgage rates, abundant supply, and a spring thaw.” Freddie Mac's According to the data, 30-year fixed mortgages fell to 6.6. % January 18 after peaking at 7.79% in October 2023. WVTM 13 On The Go: Download the app for free
Home sales in Alabama remain depressed, but changes are expected that could improve the market, according to a new real estate report.
Home sales in December 2023 were down 42% compared to December of the previous year, according to a report from the Alabama Association of Realtors.
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AAR's report also showed that the median sales price rose to just under $224,000 in December.
But real estate agents are hoping for a boom as the new year approaches spring.
“December traditionally sees a decline in home sales across the country due to holiday travel, gift buying, and various celebrations,” said Senia Johnson, 2024 president of Alabama Realtors. . “However, our economists point out that in the short term, three essential ingredients for economic recovery await us: lower mortgage rates, abundant supply, and a seasonal spring thaw.”
The 30-year fixed mortgage peaked at 7.79% in October 2023 before falling to 6.6% on Jan. 18, according to Freddie Mac data.
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