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

Sales: According to the Montgomery Area Association of Realtors’ Multiple Listing Service, Montgomery-area residential sales totaled 428 units during June, an increase in sales of 6 percent from the same period last year. Another resource to review is the Annual Report.

For all Montgomery-area real estate data, click here. 

Forecast: Closed transactions during June were eight units or 2 percent below the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through June projected 2,133 closed transactions, while the actual sales were 2,182 units, a favorable difference of 2 percent.

Residential sales in Montgomery during June rose 6 percent to 428 units over last June’s 404.

Supply: The Montgomery area housing inventory in June was 2,661 units, a decrease of 12.4 percent from June 2015, and 24 percent below the month of June peak in 2008 (3,493 units).

There were 6.2 months of housing supply during June, a decrease of 17.3 percent from the same time last year (7.5 months). About 6 months of supply is considered a balanced market during June, with buyer and seller having equal bargaining power.

June inventory in the Montgomery area increased 1.8 percent from the prior month. This direction contrasts with historical data indicating June inventory on average (2011-2015) decreases from May by 0.2 percent.

Demand: June residential sales increased 19 percent from the prior month. This direction is consistent with seasonal patterns and historical data indicating that June sales, on average (2010-2014), increase from May by 3 percent.

Existing single-family home sales accounted for 87 percent of total sales, while 12 percent was new construction sales. Both percentages were unchanged from June 2015.

Pricing: The Montgomery-area median sales price in June was $150,637, up 0.4 percent from last June ($150,000). The median sales price decreased 2.5 percent from the prior month. Historical data (2011-2015) indicate the June median sales price typically increases from May by 7.4 percent. Pricing can fluctuate from month to month as the sample size of data (closed transactions) is subject to seasonal buying patterns. ACRE recommends contacting a local real estate professional for additional market pricing information.

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 in Montgomery during June was $177,154.

On average, homes sold in Montgomery during June spent 114 days on the market.

Year-to-date home sales in Montgomery through June rose 7.2 percent over the same period last year.

There were 2,661 units listed for sale in Montgomery during June.

The median sales price for homes sold in Montgomery during June was $150,657.

There were 6.2 months of supply on the market in Montgomery during June.

There were 428 units sold in Montgomery during June.

The Montgomery Area Residential Monthly Report is developed in conjunction with the Montgomery Association of Realtors to better serve River Region consumers.