The Birmingham metro area experienced 8 percent growth in home sales during the first quarter, compared to the same period a year ago.

Click here to access the full Birmingham First Quarter Residential Report for 2017.

There were 3,162 homes sold during the first quarter, up from 2,910 in 2016, a number that represents the highest total for the first quarter since 2007.

First-quarter sales were just a few units shy of the Alabama Center for Real Estate’s (ACRE) quarterly forecast. ACRE’s 2017 sales forecast through March projected 3,200 closed transactions, while the actual sales were 3,162 units.

Home prices rose 5 percent in Birmingham over the first quarter of 2016 to a median sales price of $179,883. Home prices during the first three months of the year have been on the rise since 2012 in the Birmingham area.

The average days a home spent on the market during the first quarter was 76, with homes selling 8.8 percent faster than 2016.

Inventory continued to decrease as well, dropping 5.3 percent to 6,001 units during the first quarter. First-quarter inventory in Birmingham has dipped every year since 2013.

Birmingham struck a balance in the market during the first quarter, with 5.9 months of housing supply, down from 6.7 months during 2016. The market is considered to be balanced at approximately 6 months of housing supply.

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

The Birmingham Residential Quarterly Report is developed in conjunction with the Greater Alabama MLS and the Birmingham Association of Realtors to better serve Birmingham metro-area consumers.