Sales: According to the Greater Alabama MLS, August home sales in the Birmingham area increased 7.7% year-over-year from 1,543 to 1,661 closed transactions. Residential sales in the area are now up 1.4% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Birmingham-area housing data, click here.

Inventory: Homes listed for sale decreased 17% year-over-year from 5,264 listings one year ago to 4,371 in August. Months of supply (inventory to sales ratio) decreased from 3.4 months to 2.6, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in August was $247,000, an increase of 9.8% from one year ago and a decrease of 1.2% from July. 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 August averaged 27 days on the market (DOM), selling five days faster than in August 2019.

Forecast: August sales were 72 units, or 4.5%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 1,589 sales for the month, while actual sales were 1,661 units. ACRE forecast a total of 11,458 residential sales year-to-date, while there were 11,275 actual sales through August, a difference of 1.6%.

Click here to view the entire monthly report.

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

Editor’s note: All information in this article reflects data provided to the Alabama Center for Real Estate for Aug. 1-31. 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.