Statewide home sales fell nearly 27 percent in June, the 10th consecutive monthly decline in Alabama.

The Alabama Center for Real Estate reported a total of 4,290 homes sold in the state in June. That’s a nearly 27 percent drop from June 2007 and a more than 6 percent drop from May.

Homes on Lake Martin, reportedly one of the state’s most populated second-home destinations and the only lake ACRE tracks, recorded a drop in home sales in June of more than 44 percent compared to the same month last year and a more than 34 percent drop over May.

Statewide median selling price dropped nearly 6 percent to $130,066 in June from $137,930 in the same month last year, while average selling price also dropped 6 percent to $158,522.

Inventory of for-sale homes increased nearly 6 percent to 45,135 last month from 42,597 in June of last year. That represents a 10.5-month supply of homes on the market. The five-year average between 2003 and 2007 was 6.7 months.

“June ends a second quarter that experienced a 24 percent decline from the same period last year - unprecedented and a period without a close second,” said ACRE’s monthly report.

Categories: Real Estate
Tags: alabama real estate