Sales: According to the Mobile Area Association of Realtors, Mobile-area residential sales totaled 476 units during June, down .8 percent from 480 sales in the same month a year earlier. Similarly, June sales were down 1.2 percent compared to 482 sales in May. Results were 17.1 percent above the five-year June average of 407 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Mobile-area home sales data, click here.

Inventory: Total homes listed for sale in the Mobile area during June were 1,528 units, a decrease of 15.6 percent from June 2017’s 1,810 units and an increase of .3 percent from May 2018’s 1,524 units. Mobile also experienced a year-over-year decline in months of supply in June. June months of supply totaled 3.2 months, a decrease of 14.9 percent from June 2017’s 3.8 months of supply. However, June’s months of supply remained constant with May’s 3.2 months of supply.

Pricing: The Mobile median sales price in June was $141,450, a decrease of 4 percent from one year ago and a decrease of 5.2 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the June median sales price on average increases from May by 3.8 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood. The average number of days on the market (DOM) for homes sold during June was 67 days, a decrease of 18.3 percent from 82 days in June 2017 and a decrease of 5.6 percent from 71 days in May.

Forecast: June sales were 23 units, or 5.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 453 sales for the month, while actual sales were 476 units. ACRE forecast 2,330 residential sales in the Mobile area year-to-date, while there were 2,332 actual sales through June.

ACRE’s statewide perspective: Coming into summer, the spring home-buying season had been significantly affected by very low inventory levels. May residential listings decreased more than 7 percent in the state and decreased 6.1 percent nationwide from one year ago. Residential sales in Alabama, however, increased 8 percent from one year ago, which is impressive considering the 7.3 percent drop in inventory. Home price appreciation heated up with the temperatures as the statewide median sales price increased 10.7 percent from one year ago, while also increasing 7 percent during the first quarter of the year. Home sales prices are expected to continue their upward climb throughout the summer as inventory levels are likely to repeat the declines that were seen during the spring.

NAR’s national perspective: Lawrence Yun, National Association of Realtors chief economist, says a solid economy and job market should be generating a much stronger sales pace than what has been seen so far this year. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” he said. “Incredibly low supply continues to be the primary impediment to more sales, but there’s no question the combination of higher prices and mortgage rates are pinching the budgets of prospective buyers, and ultimately keeping some from reaching the market.”

Click here to view the entire monthly report.

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