Home sales in the Birmingham area rebound in June 2020

Sales: According to the Greater Alabama MLS, June home sales in the Birmingham area increased 10.1% year-over-year from 1,581 to 1,741 closed transactions. Going against seasonal trends, sales increased 34.2% from May. The June gain ended two months of Y/Y sales declines, and total residential sales in the area are down 2.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Birmingham-area housing data, click here.

Inventory: Homes listed for sale decreased 12.1% year-over-year from 5,381 listings one year ago to 4,730 in June. Months of supply (inventory to sales ratio) decreased from 3.4 to 2.7, reflecting a market where sellers generally have elevated bargaining power. .

Pricing: The median sales price in June was $245,000, an increase of 6.5% from one year ago and an increase of 0.4% from May. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Homes sold in June averaged 30 days on the market (DOM), equal to June 2019.

Forecast: June sales were 48 units, or 2.8%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,693 sales for the month, while actual sales were 1,741 units. ACRE forecast a total of 8,283 residential sales year-to-date, while there were 7,820 actual sales through June, a difference of 5.6%.

Click here to view the entire monthly report.

The Birmingham Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period June 1 – 30, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the upcoming impact of COVID-19 on the housing market.