Sales: According to the Greater Alabama MLS, July home sales in the Birmingham area decreased 18.9% year-over-year (Y/Y) from 1,742 to 1,412 closed transactions. Following seasonal trends, sales decreased 16.5% from June. Sales are down 8.9% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: July listings (3,720) increased 6.4% from June and increased 8.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.6 months, up from 2.1 months in June and up from 2.0 months in July 2021. The equilibrium point where buyers and sellers have roughly equal bargaining power is 4-5 months of supply
Pricing: The median sales price in July was $302,000, an increase of 9.8% from one year ago and a decrease of 4.1% from June. 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 July averaged 12 days on the market (DOM), 8 days slower than July 2021.
Forecast: July sales were 281 units, or 16.6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,693 sales for the month, while actual sales were 1,412 units. ACRE forecast a total of 10,576 sales year-to-date, while there were 10,339 actual sales through July, a difference of 2.2%.
New Construction: The 153 new homes sold represent 10.8% of all residential sales in the Birmingham area in July. Total sales decreased 7.3% year-over-year. The median sales price in July was $389,542, a decrease of 2.6% from June and an increase of 16.9% from one year ago.
Click here to view the entire monthly report.
The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
