New home sales in Alabama increased 13.0% year-over-year from 710 to 802 closed transactions in April. Following seasonal trends, sales decreased 8.2% from March. New home sales are up 15.2% year-to-date.
Inventory: New home listings (3,528) increased 4.8% from March and 17.6% from one year ago. The number of new home listings in April increased significantly from recent years, rising 56.4% above the 5-year average.
At the current sales pace, all the active inventory on the market would sell in 4.4 months, up from 3.9 in March and 4.2 in April 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is 6 months of supply.
Pricing: The median sales price for new construction in April was $342,839, an increase of 10.6% from March and 6.6% from one year ago.
The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
New homes sold in April averaged 63 days on the market (DOM), 7 days faster than one year ago.
National Overview: According to the U.S. Census Bureau, new home sales nationwide were at a seasonally adjusted annual rate of 634,000 in April. This represents a 4.7% decrease from the revised March rate of 665,000 and is 7.7% below the April 2023 estimate of 687,000.
The median sales price for new homes ($433,500) decreased 1.4% from March but increased 3.9% from April 2023.
The supply of new homes was estimated at 474,000 listings (seasonally adjusted) in April, an increase of 3.5% from March and 13.1% from one year ago. Months of supply was 8.5 in April 2024, up from 7.0 one year ago.
The Alabama Center for Real Estate at The University of Alabama
