The March 2024 Alabama Economic and Real Estate Report, released by the Alabama Association of REALTORS®, shows that Alabama’s spring housing market is still down year-over-year, but has seen increases in key areas month-over-month. In March, home sales increased by 5.6 percent compared to the previous month, with 4,976 sales recorded. This marks the second consecutive month of growth in home sales. Active residential listings at the end of March were also up compared to last year, with a 33.5 percent annual increase.
March listings were also up by 497 listings compared to February. Building permits saw an increase of 254 units in February compared to January, representing a 20.5 percent monthly increase and a 51.2 percent annual increase. These trends in active listings and building permits indicate that the spring selling season is underway in Alabama.
Senia Johnson, 2024 President of Alabama REALTORS®, stated, “We remain hopeful that the monthly increases in home sales, active listings, and building permits signal the beginning of a turnaround in Alabama’s market.” Mortgage rates, however, present a potential headwind as they have increased to 7.1 percent after declining in March.
Jeremy Walker, CEO of Alabama REALTORS®, noted that home sales hit their lowest point in January and are slowly increasing. However, rising consumer prices and mortgage rates may pose a threat to the recent increases in Alabama’s housing market. The Alabama Economic and Real Estate Report is published monthly and annually by the Alabama Association of REALTORS®, offering valuable insights into the state’s real estate market.