Alabama home sales slow in August but remain well ahead of last year

Alabama home sales in August dropped 9.3% from July but rose 10.6% year-over-year, with 6,680 sales recorded. Median home prices fell 3.5% from July to $277,750 but increased 18.8% from last year. Active listings reached the highest since 2018, raising housing supply to 4.6 months. Mortgage rates rose to 6.67%, and affordability remained tight. Foreclosures increased 26.8% year-over-year. Unemployment rose to 3.4%, signaling potential market cooling.