Decreasing inventory has put upward pressure on home prices across the country.
Many of Alabama’s markets are no exception to this trend.
During the month of October, Birmingham’s median sales price for homes sold rose 7.4 percent over the same period a year ago, according to data obtained by the Alabama Center for Real Estate.
To read ACRE’s full Birmingham home sales report for October, click here.
The media sales price for homes sold during October was $179,900, compared to $167,500 a year ago.
This also represents a 16.5 percent drop from the five-year October average of $154,370.
Year-to-date, the median sales price for homes sold in Birmingham is up 4 percent ($183,080) compared to last year ($175,815) at this time.
Inventory continued to decrease in Birmingham during the month of October, dropping to 6,780 available units, a 7 percent year-over-year dip and a 3 percent drop from September.
To read ACRE’s full Birmingham October home sales article, click here.