According to the Greater Alabama MLS, July home sales in the Birmingham area increased 6.0% year-over-year from 1,269 to 1,345 closed transactions. Following seasonal trends, sales slightly decreased by 1.6% from June. Sales are up 3.7% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: July listings (4,018) increased 3.1% from June and decreased 11.8% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.0 months, up from 2.9 months in June, and down from 3.6 months in July 2024. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in July was $325,000, remaining unchanged from June and an increase of 4.9% from one year ago. 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 38 days on the market, 6 days slower than July 2024.
Forecast: July sales were 3 units, or 0.2%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,348 sales for the month, while actual sales were 1,345 units. ACRE forecast a total of 8,360 home sales in the area year-to-date, while there were 8,185 actual sales through July, a difference of 2.1%.
New Construction: The 98 new homes sold represent 7.3% of all residential sales in the Birmingham area in July. Total sales decreased by 22.8% year-over-year. The median sales price in July was $337,450, a decrease of 11.9% from June and a slight increase of 0.1% 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.
