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

Sales: According to the Phenix City Board of Realtors Multiple Listing Service, Phenix City area residential sales totaled 99 units during July, an increase in sales by 11.2 percent from the same period a year earlier. Year-to-date home sales through July are up 6.7 percent over the same period during 2015. Two more resources to review: Quarterly Report and Annual Report.

For all of Phenix City’s area home sales data, click here. 

Phenix City year-to-date home sales through July rose 7 percent over last year.

Forecast: July sales were 18 units or 22 percent below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through July projected 536 closed transactions, while the actual sales were 606 units, a favorable 13 percent difference.

Supply: Phenix City area housing inventory in July totaled 628 units, a decrease of 4.7 percent from July 2015. July inventory decreased 4.3 percent from June. This direction contrasts with historical data that indicate July inventory on average (2011-15) increases from June by 1.8 percent. Inventory levels have now reduced 50 percent from the July peak in 2008. The inventory-to-sales ratio in July was 6.3 months of housing supply. Restated, at the July sales pace, it would take 6.3 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand) is considered to be approximately 6 months during July.

Demand: July sales increased by 13 units from the prior month. Historical data indicate July sales on average (2011-15) decrease from June by 2 percent. Days on market until homes sold was 137 days, up 10.5 percent from the previous year and down 10.5 percent from June.

Pricing: The Phenix City median sales price in July was $147,000, an increase of 1 percent from July 2015 and a decrease of 4.2 percent from the prior month. This direction is consistent with historical seasonal data (2011-15) that reflect the July median sales price on average decreases from June by 1.8 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: “Financial volatility resulting from Brexit has created some uncertainty among investors as yields on government bonds have dropped sharply, Treasury yield curves have flattened over the past month, and the Chinese Yuan has depreciated to a six-year low against the dollar,” said Fannie Mae Chief Economist Doug Duncan. “In addition, our view on interest rates continues to be ‘low for long’ as we believe a Fed decision to raise interest rates will likely be on hold until June of 2017. Brexit’s economic impact on the U.S. will likely be limited, especially from a trade perspective, and should be a near-term positive for the housing and mortgage market as falling mortgage rates have prompted new refinance demand.” For the full report, click here.

Click here to generate more graphs from the Phenix City July Housing Report, including Total Sales, Average Sales Price, Days on the Market, Total Inventory and Months of Supply. 

The Phenix City Residential Monthly Report is developed in conjunction with the Phenix City Board of Realtors to better serve area consumers.