Hey ChumCity residents, let's dive into the latest scoop on Alabama's housing scene! The Alabama Association of REALTORS® just dropped their August report, and it's a bit of a rollercoaster. Okay, so home sales took a slight tumble, down 1.7% from July and 5.6% compared to August last year. But hold on, bargain hunters! Lower mortgage rates and softening home prices might just be your ticket to homeownership. The median sales price slid to $222,811, a 2.6% dip from July and a 5.4% decrease year-over-year. That's music to a buyer's ears! Plus, with falling rates, you're looking at savings – a monthly 30-year mortgage is now around $155 cheaper than it was back in June. Cha-ching! Inventory is soaring! We're talking a five-year high of 20,803 homes up for grabs – a whopping 14.7% jump compared to last August. Hello, choices! This means you've got a better shot at finding your dream home. Sellers, don't despair! While the market is getting more competitive, it's not all doom and gloom. Homes are staying on the market a bit longer (67 days on average), so patience is key. But with a strong economy in Alabama, there's still plenty of opportunity. According to Alabama REALTORS® economist Evan Moore, it's a buyer's market! "When you combine recent declines in average mortgage rates with high inventory across the state, the housing market in Alabama favors buyers," he said. So, get out there and start searching!Alabama Housing Market: A Mixed Bag in August!
Sales Numbers Dip, But Opportunities Rise!
Price Drops and Mortgage Relief!
More Homes to Choose From!
What About Sellers?
The Expert's Take
