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

Sales: According to the Tuscaloosa MLS, Tuscaloosa-area residential sales totaled 269 units during June, up 17 percent from the same period last year. The June average for sales from 2011 to 2015 was 197 units. Year-to-date sales of 1,432 units represents a 20.8 percent rise from the same period last year. Two more resources to review: Quarterly Report and Annual Report.

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

Tuscaloosa home sales increased 17 percent to 269 units year-over-year in June.

Forecast: June results were 32 units or 13 percent above the Alabama Center for Real Estate’s monthly forecast. ACRE’s year-to-date sales forecast through June projected 1,134 closed transactions, while the actual sales were 1,244 units, a favorable difference of 9.7 percent.

Supply: Tuscaloosa June housing inventory totaled 1,204 units, a decrease of 16 percent from June 2015. June inventory dipped 1.9 percent from May. Historical data indicate that June inventory on average (2011-15) increases from May by 0.1 percent. Inventory has now declined 38.9 percent from the June peak (1,971 units) reached in 2008.

Seeking balance: The inventory-to-sales ratio declined 28.2 percent year-over-year during June to 4.5 months. Restated, at the June sales pace, it would take 4.5 months to absorb the current inventory for sale. The market equilibrium (balance between supply and demand on a non-seasonally adjusted basis) is considered to be approximately 6 months during June.

Demand: June residential sales were 7.2 percent above the prior month. The increase is consistent with seasonal buying patterns and historical data indicating that June sales on average (2011-15) increase from May by 5.1 percent. Existing single-family home sales accounted for 85 percent of total sales (up from 84 percent in June 2015), while 7 percent were new home sales (up from 6 percent during June 2015) and 7 percent were condo buyers (down from 9 percent in June 2015).

Pricing: The Tuscaloosa median sales price in June was $164,900, a decrease of 0.4 percent compared to June 2015. The median sales price was also down 2.9  percent from May’s price. Historical data (2011-15) indicate that the median sales price in June typically decreases from May by 4 percent. It should also be noted that differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. Consult with a real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.

Industry perspective: “Housing activity is gaining strength heading into the summer, with pending home sales rising to a decade high. In addition, new home sales surged to an expansion best, a positive for single-family homebuilding, especially since only a small share of new homes for sale are completed and ready to occupy,” said Fannie Mae Chief Economist Doug Duncan in the organization’s June Economic Outlook. “However, recent pullbacks in construction hiring, likely due to a shortage of skilled workers, could weigh on the outlook for the sector. With little improvement in the current housing supply picture so far, we expect only moderate housing expansion this year.” For the full report, click here.

The average sales price for homes sold in Tuscaloosa during June was $210,295.

On average, homes that sold in Tuscaloosa during June spent 82 days on the market.

Year-to-date home sales in Tuscaloosa through June rose 20.8 percent to 1,432 in 2016.

There were 1,204 units on the market in Tuscaloosa during June.

The median sales price for home sold in Tuscaloosa during June was $164,900.

There were 4.5 months of supply on the market in Tuscaloosa during June.

There were 269 homes sold in Tuscaloosa during June.

The Tuscaloosa Residential Monthly Report is developed in conjunction with the Tuscaloosa Association of Realtors to better serve West Alabama consumers.