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

Sales: According to the Gulf Coast Multiple Listing Service, Mobile-area residential sales totaled 436 units during August, an increase of 10.4 percent from the same period last year (41 units). Year-to-date home sales through August rose 5.2 percent over last year. Two more resources to review: Quarterly Report and Annual Report.

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

Mobile year-to-date home sales through August were up 5.2 percent over last year.

Forecast: August sales were 52 units, or 13 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE’s year-to-date sales forecast through August projected 3,015 closed transactions, while the actual sales were 3,110 units, a favorable difference of 3 percent.

Supply: The Mobile-area housing inventory in August was 2,140 units, a decrease of 16 percent from August 2015. Inventory has now declined 42 percent from the August peak (3,709 units) reached in 2010. There were 4.9 months of housing supply in August 2016 (6 months represents a balanced market for this time of year) vs. 6.4 months of supply in August 2015, a favorable decline of 23.6 percent.

Demand: August sales increased 4.1 percent from July. This direction contrasts with historical data, which indicate sales, on average (2011-15), decreased from July by 0.8 percent.

Existing single-family home sales accounted for 90 percent of total sales, down from 92 percent in August 2015, while 8 percent were new home sales (up from 7 percent last August) and 2 percent were condo transactions (up from 1 percent).

Pricing: The Mobile-area median sales price in August was $127,000, up 10.4 percent from last August. The August median sales price decreased 9.2 percent when compared to July. This month-over-month direction is consistent with historical data (2011-15) indicating, on average, the August median sales prices decrease from July by 2.9 percent. Pricing can fluctuate from month to month as the sample size of data is subject to seasonal buying patterns. ACRE highly recommends consulting with a local real estate professional to discuss prices, which can vary from neighborhood to neighborhood.

Industry perspective: “Consumers have a fairly optimistic 12-month outlook on housing at the end of the summer home-buying season, supported by increased job confidence and more favorable expectations regarding their personal financial situations compared with this time last year,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “The return to a slight upward trend in the HPSI (Home Purchase Sentiment Index) during the spring and summer is, thus far, in line with our forecast, which calls for 4 percent growth in home sales in 2016 to the best level since 2006 and continued improvement for 2017.” For the full report, click here.

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

The Mobile Area Residential Monthly Report is developed in conjunction with the Mobile Area Association of Realtors to better serve Gulf Coast consumers.