Double-digit declines were seen in home sales across metro Birmingham and Alabama during July, as the housing slump that has gripped real estate markets nationwide continues.

In the Birmingham area, 1,207 homes were sold last month, a 27 percent decline from 1,652 sold a year ago, the Birmingham Association of Realtors said Monday.

Statewide, home sales fell 22.5 percent, according to the Alabama Center for Real Estate at the University of Alabama.

Real estate agents seized on a relatively slight decline in average and median prices as a good sign for the Birmingham market, since more dramatic drops are being reported elsewhere.

The average sold price in the Birmingham area was $202,882, down 4.5 percent from $212,476 in July 2007, while the median sold price fell 2.6 percent from $169,400 to $165,000.

“You look at a lot of the other major cities across the country, and you see valuations plummeting, but in Birmingham we’re continuing to see that valuations are staying constant,” said Hal Tillman, president of the real estate group.

While that’s good for people who have purchased a home in the past few years, Tillman said the current markets also hold opportunities for buyers: 30-year mortgage rates at around 6.5 percent, sellers who are more willing to negotiate and a good inventory from which to choose.

Birmingham’s home inventory last month totaled 12,184, compared to 13,477 a year ago.

Sales declines were seen in every area across metro Birmingham, which includes Jefferson, Shelby, St. Clair and Blount counties.

Categories: Real Estate
Tags: alabama home sales, birmingham, homes sales, real estate