Sales: According to the Alabama Association of Realtors, July home sales in the state increased 22.3% year-over-year from 6,307 to 7,714 closed transactions. Sales increased 7.2% from June and are now up 6.7% year-to-date. As the COVID-19 pandemic continues to unfold, however, declining sales activity remains a possibility in the months ahead. Two more resources to review: Quarterly Report and Annual Report.

For all statewide housing data, click here.

Inventory: Homes listed for sale decreased 27.9% from 21,865 listings one year ago to 15,772 in July. Months of supply dropped from 3.5 months to 2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The statewide median sales price in July was $197,727, an increase of 11.2% from one year ago and an increase of 1.4% from June. 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.

Homes sold in July averaged 82 days on the market (DOM), selling eight days faster than one year ago.

Forecast: July sales were 1,362 units or 21.4% above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 6,353 sales for the month, while actual sales were 7,714 units. ACRE forecast a total of 38,893 residential sales year-to-date, while there were 39,981 actual sales through July, a difference of 2.8%.

New construction: The 1,047 new homes sold represent 13.6% of all residential sales in July. Total sales increased 30.9% year-over-year, extending the state’s streak of Y/Y gains in new home sales to 13 consecutive months. The median sales price in July was $249,928, an increase of 0.3% from June and an increase of 5.2% from one year ago.

Click here to view the entire monthly report.

The Alabama Residential Monthly Report is developed in connection with the Alabama Association of Realtors.

Editor’s Note: All information in this article reflects data provided to the Alabama Center for Real Estate for the time period July 1-31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.