The Alabama Association of Realtors (AAR) has released its September 2024 Monthly Economic Report.
According to the report, Alabama has 4.6 months worth of housing inventory. This is an increase of 1.3 months of supply compared to the same period last year, and the highest level in more than five years.
The Huntsville-Madison County market had 4.2 months of supply, according to the Huntsville Area Association of Realtors.
Along with this increase in inventory, the number of active listings has also increased. September marked the eighth consecutive month of increases in the number of active listings across the state. The number of active listings in September 2024 increased by 38.3% annually and 3.8% monthly.
“We believe the current trends of increased property count and increased inventory will create more opportunities for buyers,” said Jeremy Walker, CEO of Alabama Realtors®. “Prices are likely to fall in the coming months as more homes become available.”
AAR’s September report shows that statewide sales fell 10.4% month over month from August, and the October report will show a similar decline from September to October. I’m predicting. However, sales are often slow during the last three months of the year.
HAAR’s report for the week of October 12th provides indicators that the market is healthy. Pending sales increased 41% for single-family units and 10% for townhouse/condo units. The number of new listings for single-family units increased slightly by 6.4%, but the number of new listings for townhouse units remained flat. And finally, single-family home inventory increased by 30.2% and townhouse/condo inventory increased by 159%.
On a national scale, Freddie Mac’s report shows that for every home for sale, there are 30 rental households. Freddie Mac estimated in May that it would need 1.5 million more homes to fully meet housing demand.
“Thus, people looking to buy a home for the first time not only have to navigate an expensive market, they also have to compete with more first-time buyers as supply continues to outpace demand. ” Freddie Mac economists said in the report.
The Huntsville Business Journal will continue to monitor the local and national real estate market.
