It apparently continues to be a seller’s market regarding real estate in Alabama.The Alabama Association of Realtors released a new report, which shows a slowdown in home sales activity in August 2023.Realtors say mortgage rates continue to have an impact, including the 30-year fixed mortgage rate, which peaked at 7.23% in August, its highest value in more than 20 years.“With mortgage rates surpassing the 7% mark throughout August, it is not surprising that we are continuing to experience a dip in sales compared to previous months,” said RaJane Johnson, 2023 president of Alabama Realtors. “The higher mortgage rates have understandably influenced the decisions of prospective homebuyers, prompting them to carefully weigh their options and timing.”The realtors group said the combination of higher mortgage rates and limited supply is helping to support higher prices, which is ultimately benefitting sellers.The average sales price in Alabama for August 2023 was $236,135, reported the Alabama Realtors.WVTM 13 On The Go: Download our app for free
It apparently continues to be a seller’s market regarding real estate in Alabama.
The Alabama Association of Realtors released a new report, which shows a slowdown in home sales activity in August 2023.
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Realtors say mortgage rates continue to have an impact, including the 30-year fixed mortgage rate, which peaked at 7.23% in August, its highest value in more than 20 years.
“With mortgage rates surpassing the 7% mark throughout August, it is not surprising that we are continuing to experience a dip in sales compared to previous months,” said RaJane Johnson, 2023 president of Alabama Realtors. “The higher mortgage rates have understandably influenced the decisions of prospective homebuyers, prompting them to carefully weigh their options and timing.”
The realtors group said the combination of higher mortgage rates and limited supply is helping to support higher prices, which is ultimately benefitting sellers.
The average sales price in Alabama for August 2023 was $236,135, reported the Alabama Realtors.
WVTM 13 On The Go: Download our app for free
Source: wvtm13.com