Birmingham home sales drop in June but price rises

The number of Birmingham area homes sold in June dropped but total dollar sales rose, according to the Rudulph/Brander Monthly Real Estate Report.

In June, 1,346 homes sold for a total of $236.8 million, compared to 1,368 homes sold in May for $214.9 million.

New home sales improved month-over-month by 20 percent in June to 247 new homes sold, but used homes fell by 4 percent over May to 1,099.

Average price for new homes sold increased by more than 9 percent in June over May to $219,004, while average price for used homes also rose by more than 9 percent to $166,246.

“New inventory is now well below the 1,800 level, which reflects more normal pre-2004 levels with 6.7 months supply at the reduced sales pace,” said the report. “In light of the heavy used inventory, and low sales levels, I would not be in a rush to build.”

Year-to-date, total dollar sales rose 3 percent to nearly $1.1 billion, compared to the same six months last year, and total units sold increased 6 percent to 6,831.

Read more: Birmingham home sales drop in June but price rises - Birmingham Business Journal