August home sales indicate traditional seasonal downturn has begun

Alabama home sales in August declined seasonally but were 10.6% higher than the previous year, with median prices up 18.8% year-over-year at $277,750. Active listings reached the highest level since 2018, increasing housing supply to 4.6 months. The average 30-year mortgage rate rose to 6.67%. Unemployment rose to 3.4%, while new home permits increased slightly. Rising rates may slow future sales.