by April 2024 Alabama Economic and Real Estate Report The state's housing market has been steadily improving in recent months, making it the most favorable situation for buyers in recent years, according to data released Tuesday by the Alabama Association of Realtors.

“While lending rates appear to remain high, there are more affordable options available to buyers in today's housing market,” said Jeremy Walker, CEO of Alabama Realtors. “April has been the state's brightest month this year, and indicators point to further improvement through the summer.”

The 5,164 home sales recorded in April represent a 3.8% month-over-month increase, contributing to an increase in sales volume of approximately $100 million compared to March 2024. Active residential listings also continued to increase in April, recording an annual increase of 37.2% and a monthly increase of 485. The 15,072 active listings currently on the market are the highest number since June 2020.

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Additionally, the median sales price fell 4.3% year-on-year and 2.2% month-on-month to its lowest level since March 2021.

In light of the positive news, Alabama Association of Realtors 2024 President Senia Johnson urged potential homebuyers to contact their real estate agents.

“As the weather gets warmer, so does Alabama's housing market,” Johnson said.

Federal Reserve leaders continue to signal that their target for the federal funds rate will remain unchanged for the next few months, reducing the likelihood of a rate cut in 2024.

Austin Shipley is a staff writer for Yellow Hammer News. You can follow him on X. @ShipleyAusten