MOBILE COUNTY, Ala. (WKRG) — During the last year, the number of homes listed for sale in the Mobile-area increased, while the number of sales decreased. There has been a 13.3% decrease in closed transactions, according to a report from Mobilerealtors.com.

In July 2021, there were 526 homes sold compared to 456 in July 2022. That makes July 2022 the seventh consecutive month in which fewer homes were sold than forecasted to sell, according to a report from the Alabama Center for Real Estate. There were 130 fewer units sold than forecasted in the Mobile area in July, the largest variance so far this year.

As for the inventory, there has been a steady increase in the number of listings, a 22.2% increase from one year ago. The number of July listings (771), however, decreased 2.7% from June in the Mobile area. Overall sales decreased 10.5% from June and sales are down 6.3% so far in 2022.

The median sales price for July was $220,000, a 7.3% increase from a year ago and unchanged from June. On average, homes sold in July 2022 were on the market for 25 days, compared to 24 days in July 2021.

The 38 new homes built in July 2022 accounted for 8.3% of all sales in the Mobile area, an 11.8% increase from July 2021. The median sales price for new homes, $305,400, is just a 3.3% decrease from one year ago.

Sales are not only down in the Mobile area. They’re down across Alabama. Overall sales are down 5.6% through 2022 and sales declined 18.2% in July year-over-year.

“Buyer demand has pulled back to pre-COVID levels with July sales 4.8% below the five-year average,” read the report. “Additional declines are likely in the months ahead, with a 5-10% slowdown expected from last year’s pace.”

The country is experiencing a decline in home sales as well, according to the National Association of Realtors. Overall sales are down 20.2% from one year ago and “existing home sales declined for the sixth consecutive month in July, falling 5.9% from June.” All four regions in the country reported month-over-month declines.

The following are some more nationwide statistics:

  • All-cash sales represented 24% of all closed sales in July, down 1% from the prior month and up from 23% one year ago. Second-home buyers and individual investors purchased 14% of July home sales, down from 16% in June and 15% one year ago.
  • Foreclosures and short sales accounted for approximately 1% of July transactions, essentially unchanged from June 2022 and July 2021.
  • Properties sold in an average of just 14 days, the fastest pace on record.
  • The 1,310,000 listings at the end of July increased 4.8% from June and are equal to one year ago.
  • July’s 3.3 months of supply increased from 2.9 during June and 2.6 one year ago.
  • Foreclosures and short sales accounted for approximately 1% of July transactions, essentially unchanged from June 2022 and July 2021.
  • The median sales price for all housing types increased 10.8% Y/Y to $403,800, the 125th consecutive year-over-year gain.

For more information, visit Alabamanewscenter.com. You can visit here for a residential market snapshot of Mobile.

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