Alabama residential inventory increase good news for buyers and sellers
April residential sales for Alabama increased slightly over the last month, but gains in inventory could be the boost housing has been looking for in local markets.
According to the National Association of Realtors, April inventory increased in the South last month. The Alabama Center for Real Estate shows a 3.2 percent increase in inventory in Alabama during April.
Inventory has been one of the leading factors of the stalled housing recovery. The harsh winter did not help things, but a lack of inventory in general has driven housing prices way up in some markets.
ACRE said in a report this week that a lack of quality inventory in the state has been a concern.
Fewer houses for sale not only puts additional pressure on buyers, but it can sometimes drive prices out of reach of the average home buyer.
“Some growth was inevitable after sub-par housing activity in the first quarter, but improved inventory is expanding choices and sales should generally trend upward from this point,” said Lawrence Yun, chief economist with NAR.
The South saw a 1 percent rise in existing home sales in April at an annual level of 1.94 million. That is still 3.5 percent lower than last year’s April total.
The median sales price in the South was $173,200, an increase of 3.2 percent year-over-year.
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