The Birmingham housing market favored sellers in August but could soon be turning in favor of homebuyers, according to a recent report from mortgage site Rocket Homes.

Although a sellers’ market usually means higher prices for homebuyers, Rocket Homes’ report showed that Birmingham bucked this trend last month and could continue to do so for the rest of 2023 according to local real estate agent Chris Prichard.

“My most recent two buyers who purchased homes in Birmingham this summer both competed with multiple offers, but ultimately paid right at asking price,” she said. “Whereas 18 months to two years ago, there would have been far more offers to compete with and the winning offer would almost certainly have been over asking price.”

The median selling price for Birmingham homes last month was $234,966, according to Rocket Homes. That represents a 10.5% ($27,533) decrease from July of this year.

This may be due in part to a 21.1% (220 home) increase in housing inventory between the two months caused by high interest rates which was motivating people to sell their homes and rent instead, according to previous comments from Bennie Waller, a William Cary Hulsey faculty fellow in the Culverhouse College of Business at The University of Alabama.