In a recent update from the Alabama Association of REALTORS® (AAR), September 2023 statistics reveal a significant surge in Alabama’s active listings, reaching 13,603. This shows a considerable 13.9 percent growth from the 11,943 listings a year ago, setting the record for the most listings this year.
With September marking the sixth consecutive month of increased active listings, the association’s economists forecast the upward trend will persist into October.
RaJane Johnson, the 2023 President of Alabama REALTORS®, commented, “This swell in active listings brings promising news for those on the hunt for homes in Alabama. It symbolizes a widening window of opportunities for potential homeowners.”
However, the state’s real estate market remains under the influence of the Federal Reserve’s rising mortgage rates. Despite a hiatus in aggressive rate increments at their recent gathering, the Federal Reserve gave no indication of forthcoming rate cuts. This decision prolongs the strain on the housing market, allowing mortgage rates to maintain their ascending trajectory.
These mounting mortgage rates are having clear repercussions. In the previous month, Alabama witnessed a drop in both median and average home sale prices for the first time in numerous months. Jeremy Walker, CEO of Alabama REALTORS®, remarked, “The ongoing rise in mortgage rates inevitably dampens housing prices, impacting the broader market.”
For a detailed insight into these developments, the Alabama Economic and Real Estate Report is accessible monthly and yearly courtesy of the Alabama Association of REALTORS®. Those interested can find comprehensive monthly and annual reports here.
