Published: Jan. 02, 2025, 7:05 a.m. Home buyers and sellers in Alabama may have a happy new year to look forward to, based on a few recent developments. The Federal Reserve on Wednesday lowered its key interest rate by a quarter percentage point, but indicated the rate of future cuts may be slower in 2025. According to the Alabama Association of Realtors, Alabama recorded 5,168 home sales in November. That was a 5.9% increase over the previous month and stopped a three-month slide.
“In October, things were extremely slow,” he said. “Our economists believe people were waiting on the sidelines to see what would happen.”The November report reflects a period when the 30-year fixed-rate mortgage was at its lowest level in seven weeks, and 35 basis points below the 6.95% of a year ago. An interest rate that remains in the low sixes, Walker said, may encourage homeowners to think about upgrades. One of the factors keeping people from doing so is rate lock. According to the latest figures, about 70% of existing mortgage holders in Alabama have a rate below 5%. Homeowners who have been staying in their existing mortgages to keep the lower interest rates may finally be ready to start looking again, he said. The median sales price across Alabama increased in November by $6,093, to $221,111, representing a 0.4% increase month-over-month when compared to October. It’s also a 2.8% rise from the median price of a year ago, $215,018. “That’s great for people in a home, as their value is holding steady and continuing to increase,” Walker said. The figure marks the sixth straight month of year-over-year increases and indicates strong home values for sellers. Even when facing average 30-year mortgage rates above 6%, the median sales price has increased year-over-year for the last six months in Alabam
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