According to the Greater Alabama MLS, August home sales in the Birmingham area increased 4.0% year-over-year from 1,159 to 1,205 closed transactions. Sales decreased 5.0% from July. Sales are up 3.3% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: August listings (4,671) increased 2.5% from July and increased 25.4% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.9 months, up from 3.6 months in July and up from 3.2 months in August 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 August was $299,000, up 1.4% from one year ago and a decrease of 3.5% from July. 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 August averaged 36 days on the market, 9 days slower than August 2023.
Forecast: August sales were 89 units, or 6.9%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,294 sales for the month, while actual sales were 1,205 units. Sales are up 3.3% year-to-date. ACRE forecasted a total of 9,366 home sales year-to-date, while there were 9,096 actual sales through August, a difference of 2.9%.
New Construction: The 112 new homes sold represent 9.3% of all residential sales in the Birmingham area in August. Total sales decreased 5.1% year-over-year. The median sales price in August was $336,400, a decrease of 0.2% from July and an increase of 6.7% 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.
