Alabama’s Active Listings Continue to Increase in September
October 24, 2023
According to the September 2023 Alabama Economic and Real Estate Report released by the Alabama Association of REALTORS® (AAR), Alabama’s active listings continued to increase in September, reaching 13,603 listings.
This figure marks an increase of 13.9% compared to the 11,943 listings available one year ago and sets a new high for 2023. September marked the sixth consecutive monthly increase in active listings, and AAR’s economists anticipate this trend to continue into October.
“Alabama’s increase in active listings is good news for prospective homebuyers,” said RaJane Johnson, 2023 President of Alabama REALTORS®. “More listings signify greater opportunities for individuals and families looking to find their forever homes in Alabama."
Overall, Alabama’s housing market continues to be affected by rising mortgage rates brought on by the Federal Reserve.
At their last meeting, the Federal Reserve chose to pause its series of aggressive rate hikes. However, the Federal Reserve did not signal any upcoming cuts to the fed funds rate, providing no relief for the housing market and enabling mortgage rates to continue their upward climb.
Elevated and increasing mortgage rates have put downward pressure on home sales. Last month, Alabama's median and average sales prices experienced a decline for the first time in months.
"Continued increases in mortgage rates have inevitably had a negative impact on housing prices and the overall market," said Jeremy Walker, CEO of Alabama REALTORS®.
The Alabama Economic and Real Estate Report is published monthly and annually by the Alabama Association of REALTORS® . Click here to view the full monthly and annual reports.