According to the Greater Alabama MLS, June home sales in the Birmingham area decreased 22.0% year-over-year from 1,691 to 1,319 closed transactions. Following seasonal trends, sales decreased by 3.44% from May. Sales are down 32.8% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: June listings (3,615) increased by 3.4% from May and increased by 3.3% from one year ago. At the current sales pace, all the active inventory on the market would sell in 2.7 months, up from 2.6 months in May and up from 1.7 months in May 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly six months of supply.
Pricing: The median sales price in June was $303,900, a decrease of 3.5% from one year ago and a decrease of 2.6% 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 24 days on the market, 10 days slower than in June 2022.
Forecast: June sales were 146 units, or 3.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,465 sales for the month, while actual sales were 1,319 units. ACRE forecast a total of 6,837 sales year-to-date, while there were 6,573 actual sales through June, a difference of 3.9%.
New Construction: The 128 new homes sold represent 9.7% of all residential sales in the Birmingham area in June. Total sales decreased 31.9% year-over-year. The median sales price in June was $331,875, a decrease of 7.8% from May and a decrease of 17.0% 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.
