Birmingham-area home sales down 13% year-over-year in October

According to the Greater Alabama MLS, October home sales in the Birmingham area decreased 13% year-over-year from 1,113 to 968 closed transactions. Following seasonal trends, sales decreased 9.7% from September. Sales are down 24.5% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Birmingham-area housing data, click here

Inventory: October listings (3,946) increased 3.5% from September and increased 8.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, up from 3.6 months in September and up from 3.3 months in October 2022. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply

Pricing: The median sales price in October was $299,200, an increase of 0.1% from one year ago and an increase of 3% from September. 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 October averaged 28 days on the market, 4 days slower than October 2022. 

Forecast: October sales were 27 units, or 3.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 693 sales for the month, while actual sales were 720 units. ACRE forecast a total of 11,494 sales year-to-date, while there were 10,846 actual sales through October, a difference of 5.6%.   

New Construction: The 134 new homes sold represent 13.8% of all residential sales in the Birmingham area in October. Total sales increased 32.7% year-over-year. The median sales price in October was $337,583, an increase of 4.4% from September and a decrease of 24.1% 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.