New construction update: September 2020
Sales: According to the Alabama Realtors, September new home sales in the state increased 20.1% year-over-year from 798 to 958 closed transactions. Sales increased 6.4% from August, and are now up 20.8% year-to-date. Additionally, new home sales represented 14.3% of all residential sales in Alabama during September, down from 14.5% one year ago.
For all new construction housing data, click here.
Inventory: New homes listed for sale decreased 22.9% from 2,989 listings one year ago to 2,304 in September. New builds represented 16.1% of all homes listed for sale statewide. Months of new home supply (inventory to sales ratio) tightened from 3.7 one year ago to 2.4 currently.
Pricing: The median sales price for new construction in September was $259,966, an increase of 4.9% from one year ago and a decrease of 3.6% from August. 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 September averaged 59 days on the market (DOM), 22 days faster than one year ago.
Monthly new construction sales data is available for the following markets: Athens, Baldwin County, Birmingham, Calhoun County, Gadsden, Huntsville, Lee County, Marshall County, Mobile, Montgomery, Morgan County, Tuscaloosa, and the Wiregrass region.
Click here to view the entire monthly report.
The Alabama New Construction Monthly Report is developed in connection with the Alabama Association of Realtors.
Editor's Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period September 1 - 31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.