Mobile-Area Home Sales Continue to Show Year-Over-Year Growth

According to the Mobile Area Association of Realtors, June home sales in the area increased 17.5% year-over-year (Y/Y) from 567 to 666 closed transactions, marking 13 consecutive months of Y/Y gains, Alabama Newscenter reports. Sales increased 24.3% from May and are now up 19.2% year to date. June listings (546) increased 16.7% from May but declined 29.3% from one year ago. Months of supply (inventory to sales ratio) also decreased from 1.4 to 0.8, reflecting a seller’s market. The median sales price in June was $203,500, an increase of 19% from a year ago and a decrease of 5.1% from May. Homes sold in June averaged 16 days on the market, a record low and 36 days fewer than in June 2020. June sales were 107 units, or 19.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE forecast a total of 2,840 residential sales year to date, while there were 3,032 actual sales through June, a difference of 6.8%. The 42 new homes sold represent 6.3% of all residential sales in the area in June. Total sales increased 10.5% Y/Y. The median sales price in June was $292,795, an increase of 31.2% a one year ago and an increase of 5% from May.