Rising mortgage rates continue to impact Alabama home sales

2 months ago 5

It was a slow time for the housing market in Alabama.The Alabama Association of Realtors released a report which showed home sales in October decreased 8.6% from the previous month, and nearly 13% from the same time last year.“Rising mortgage rates have made homeownership more challenging, particularly for first-time buyers,” said David Hughes, economist at Alabama REALTORS®. “At the same time, the affordability index remained stable in October, indicating that homes are still within reach for median-income households. Along with other positive trends in the market, this stability offers a solid foundation for consumers moving forward.”The AAR reported the media sales price in Alabama was $220,196, which is a 6.7% rise from the previous year.Reports show the national rate for a 30-year fixed mortgage is about 7%.Your neighborhood: Local coverage from WVTM 13

It was a slow time for the housing market in Alabama.

The Alabama Association of Realtors released a report which showed home sales in October decreased 8.6% from the previous month, and nearly 13% from the same time last year.

“Rising mortgage rates have made homeownership more challenging, particularly for first-time buyers,” said David Hughes, economist at Alabama REALTORS®. “At the same time, the affordability index remained stable in October, indicating that homes are still within reach for median-income households. Along with other positive trends in the market, this stability offers a solid foundation for consumers moving forward.”

The AAR reported the media sales price in Alabama was $220,196, which is a 6.7% rise from the previous year.

Reports show the national rate for a 30-year fixed mortgage is about 7%.

Your neighborhood: Local coverage from WVTM 13

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