Housing market on the decline

By Staff
The Alabama housing market declined significantly in September after a strong showing in August, according to the Alabama Real Estate Research and Education Center at The University of Alabama.
Existing home sales in Alabama dropped to 4,766 in September, a 17.8 percent decline from August. Compared to September ‘05, sales are down 12 percent. Through the first nine months of 2006, existing home sales are still slightly ahead of last year with 45,855 homes sold year-to-date in 2006, compared to 45,742 homes sold through the first nine months of 2005.
The average selling price in September dropped to $158,076, which is still $2,123 more than the average price in September of last year. Year-to-date existing home prices in Alabama remain considerably higher than 2005’s year-to-date prices, according to the center. Through the first nine months of 2005, existing home prices averaged $146,994, compared to $155,382 through September of ‘06.
The inventory of previously owned homes listed on the market in Alabama rose again in September to 36,414 units, a 2.9 percent increase from August. There were more than 9,000 more homes listed this September than in September 2005.
At the current rate of sales, this represents a 7.6 month supply of homes, a significant increase from the six-month supply in August and the five-month supply of homes in September 2005, according to the center.

At a Glance

PowerGrid Services in Hartselle evacuated for bomb threat

Morgan County

20 under 40: Trey Chowning

Falkville

20 under 40: TJ Holmes

FRONT PAGE FEATURED

20 under 40: Spencer Bell

FRONT PAGE FEATURED

20 under 40: Shelby Keenum

FRONT PAGE FEATURED

20 under 40: Rachel Howard

FRONT PAGE FEATURED

20 under 40: Mary Virgina Halbrooks

FRONT PAGE FEATURED

20 under 40: Maggie McKelvey

Decatur

20 under 40: Maegan Jones

FRONT PAGE FEATURED

20 under 40: Lindsey Tapscott

FRONT PAGE FEATURED

‘He lets us have sex’: More details emerge on Hartselle man accused of child exploitation 

FRONT PAGE FEATURED

Hartselle church creates Easter-themed escape rooms 

Danville

Family tradition: State livestock show legacy spans generations

Editor's picks

Baseball for Beau: More than $8k raised for scholarship named after Hartselle child  

Falkville

20 under 40: Lela Weeks

FRONT PAGE FEATURED

20 under 40: Kalleigh Thomas

FRONT PAGE FEATURED

20 under 40: Jaime Hatcher

Hartselle

Veteran Hartselle firefighter charged with possessing child porn

FRONT PAGE FEATURED

Cerrowire expansion named finalist in Business Alabama Awards  

At a Glance

Work begins on repairing two bridges over I-65 in Morgan County in coming weeks

At a Glance

Tickets for Morgan County Sports Hall of Fame banquet available

Falkville

Morgan County volunteers celebrated at annual fire department banquet 

FRONT PAGE FEATURED

Man jailed for stealing car from jail after earlier release 

FRONT PAGE FEATURED

Police: Hartselle man encouraged children to have sex inside his apartment

x