In 2023, Alabama, like much of the United States, will experience what the National Association of Realtors (NAR) described as “the slowest year for existing home sales since 1995 and the largest annual decline since 2007.” Experienced.
“We all know that 2023 was a tough year for real estate across the country,” said Senia Johnson, president of Alabama Realtors.
“Alabama, like the rest of the country, experienced severe economic headwinds in the real estate market last year, but if current indicators continue to trend in the right direction, 2024 could bring some welcome relief. We are confident that it will. ”
Realtors CEO Jeremy Walker said he was optimistic the market would improve this year.
“If mortgage rates continue to decline and Alabama maintains its historically strong economy and low unemployment rate, a positive trend is likely to form in 2024,” Walker said. “As 2023 recedes, we look forward to a more positive future for Alabama's housing market in 2024.”
According to the report, home sales in Alabama recorded a significant annual decline of 30.5% last year. Sales volume decreased for the second consecutive year to 76,258 units.
Sales in all four regions of the country – West, Midwest, South, and Northeast – decreased in 2023 compared to the previous year. NAR also said the last time U.S. homes faced a similar level of “housing affordability burden” was in 1984, which was 30 years ago. The annual mortgage interest rate was about 14%.
Austin Shipley is a staff writer at Yellowhammer News.
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