Alabama home sales jump 11 percent in March

Statewide home sales shot up nearly 11 percent in March, but still lagged nearly 27 percent over the same month last year.

The Alabama Center for Real Estate reported that a total of 3,951 homes sold last month, compared to 3,563 in February and 5,405 in March of last year.

Year-to-date, 10,489 homes have sold in Alabama, compared to 13,066 in the same three-month period of 2007.

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In March, the average home price was $154,900, down a fraction of a percent from $155,342 in February and $158,442 in March 2007.

The average number of days a home sat on the market in March was 136, up from 124 days in February and 127 last year.

The center also reported that in March a total of 42,850 homes were listed for sale, slightly down from 42,984 the previous month and up nearly 10 percent from 39,045 in the same month last year.

The current supply of homes on the market would be depleted in nearly 11 months - higher than the previous five-year average of a little more than six months, said the center.

"CBER further emphasizes in the first half of 2008 that the Alabama economy will face the same challenges as the rest of the nation - high energy prices, a credit crunch, more cautious consumer and business spending and the continued housing market correction," said the report. "It should, however, weather these challenges better than many state economies."