News & Your Opinion

Home sales, prices down in September as interest rates remain high

Halo |

1 year ago

Last updated: 27/10/2023 at 05:14 PM


Decades-high mortgage rates continue to affect home sales and prices in Alabama, and to a small extent, a General Fund revenue stream.September saw 5,918 home sales in Alabama, down 35.7% from September 2022. Total sale volume decreased by nearly $1 billion to $1.3 billion, according to a monthly report from Alabama Realtors. And the average sale price was down 5.1% to $231,898.“Continued increases in mortgage rates have inevitably had a negative impact on housing prices and the overall market,” Jeremy Walker, CEO of Alabama Realtors, said in a written statement this week.There were 13,603 hom

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