Good news, ChumCity residents! Alabama's housing market saw a bit of a boost in March as we head into prime buying season. According to the Alabama Association of REALTORS®, home sales jumped up from February. Specifically, the state recorded 5,438 home sales in March. That’s a sweet 8.2% increase from February! However, it's still a bit behind last year's pace. "Home sales were up month-over-month in March, increasing by 8.2%, but they lag the same period last year by 12.5%,†says Alabama REALTORS® economist Evan Moore. But here's the silver lining: "Median home prices increased, as well, in both monthly and yearly measures, which is good news for homeowners!" Speaking of prices, the median home price reached $262,009 in March, a healthy jump from both February and last year. Plus, there are more homes to choose from! Inventory levels are up, meaning buyers have more options. The state's housing supply is at 5.3 months, edging closer to what economists consider a balanced market. Mortgage rates saw a slight increase, but foreclosure activity also ticked up. However, don't panic! Foreclosures are still below pre-pandemic levels. Overall, the Alabama housing market is showing signs of life. Sellers are enjoying strong equity, and buyers have more choices than they've had in a while. While it might not be as booming as previous years, things are looking steady as we head into the warmer months.Alabama's Housing Market: Springing Forward?
Sales Numbers Tell the Tale
What the Experts Say
Price Points and Inventory
A Balanced Market?
Interest Rates and Foreclosures
The Big Picture
