According to the Greater Alabama MLS, June home sales in the Birmingham area decreased 8.8% year-over-year from 1,319 to 1,203 closed transactions. Sales decreased 9.4% from May. Sales are up 0.7% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: June listings (4,644) increased 3.9% from May and 28.5% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up from 3.4 months in May and up from 2.7 months in June 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply
Pricing: The median sales price in June was $320,000, up 5.3% from one year ago and an increase of 3.9% 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 28 days on the market, 4 days slower than June 2023.
Forecast: June sales were 170 units, or 12.4%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,373 sales for the month, while actual sales were 1,203 units. Sales are up 0.8% year-to-date. ACRE forecasted a total of 6,839 home sales year-to-date, while there were 6,622 actual sales through June, a difference of 3.2%.
New Construction: The 151 new homes sold represent 11.4% of all residential sales in the Birmingham area in June. Total sales increased 18.0% year-over-year. The median sales price in June was $331,229, a decrease of 0.8% from May and a decrease of 0.2% 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.
The Birmingham Metro Area Residential Monthly Report is developed in connection with the Birmingham Association of Realtors.
