According to the Greater Alabama MLS, July home sales in the Birmingham area increased 18.2% year-over-year from 1,074 to 1,269 closed transactions. Sales increased 5.5% from June. Sales are up 3.2% year-to-date Two more resources to review: Quarterly Report and Annual Report.
For all Birmingham-area housing data, click here.
Inventory: July listings (4,557) decreased 1.9% from June and increased 22.1% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.6 months, down from 3.9 months in June and up from 3.5 months in July 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 July was $309,900, up 1.9% from one year ago and a decrease of 3.2% from June. 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 32 days on the market, 11 days slower than July 2023.
Forecast: July sales were 36 units, or 2.9%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,233 sales for the month, while actual sales were 1,269 units. Sales are up 3.2% year-to-date. ACRE forecasted a total of 8,072 home sales year-to-date, while there were 7,891 actual sales through July, a difference of 2.2%.
New Construction: The 127 new homes sold represent 10.0% of all residential sales in the Birmingham area in July. Total sales increased 7.6% year-over-year. The median sales price in July was $337,060, an increase of 1.8% from June and an increase of 4.3% 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.
