Click here to view or print the entire monthly report compliments of the ACRE Corporate Cabinet.

Sales: According to the Greater Alabama Multiple Listing Service, the Birmingham metro area residential sales totaled 1,474 units during June, 44 units or 3.1 percent above the same time last year. Two more resources to review: Quarterly Report and Annual Report.

For all of the Birmingham area’s housing data, click here. 

Home sales grew 3.1 percent in June year-over-year compared to last June.

Forecast: June sales were 87 units or 6.2 percent above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast projected 6,720 closed transactions while the actual sales were 7,265 units, a favorable difference of 8.1 percent.

Supply: The Birmingham-area housing inventory in June was 7,384 units, an increase of 5.8 percent from June 2015 but down 44 percent from the June peak in 2007 (13,183 units). June inventory in the Birmingham metro area also decreased 0.4 percent from May. This direction contrasts with seasonal patterns and historical data indicating that June inventory on average (2011-15) increases from May by 0.1 percent.

According to the Greater Alabama MLS, in the Birmingham metro-area market, there were 5 months of housing supply during June, up 2.7 percent from 4.9 months of supply during June 2015. The supply increased from May (4.7 months of supply). The “months of housing supply” is a simple calculation – homes listed (supply) divided by homes sold (demand). In general, about 6 months is considered the point of equilibrium during June.

Demand: June residential sales decreased by 5.8 percent from the prior month. This direction contrasts with historical data indicating that June sales, on average (2011-15), increase from May by 3.9 percent.

Existing single-family home sales accounted for 86 percent of total sales, up from 83 percent in June 2015, while 10 percent (up from 5 percent in June 2015) were new home sales and 4 percent (down from 5 percent) were condo buyers.

Pricing: The median sales price in May was $198,000, an increase of 3.1 percent from last June ($192,000). The June median sales price also increased 3.1 percent from May. This direction is consistent with historical data (2011-15) indicating that the June median sales price on average increases from May by 4.5 percent. Pricing can fluctuate from month to month as the sample size of data is subject to seasonal buying patterns. ACRE recommends consulting with a local real estate professional who has access to pricing data at the neighborhood level.

Industry perspective: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average sales price for homes sold during June in Birmingham was $248,589.

On average, homes sold in Birmingham during June spent 63 days on the market.

The five-year average for homes sold during June in Birmingham was 1,189, 24 percent below the current month.

The median sales price for homes sold in Birmingham during June was $198,000.

There were 5 months of supply on the market during June in Birmingham.

There were 7,384 homes listed in Birmingham during June.

There were 1,474 homes sold during June in Birmingham.

The Birmingham Residential Monthly Report is developed in conjunction with the Greater Alabama MLS and the Birmingham Association of Realtors to better serve Birmingham metro-area consumers.