Mobile’s real estate market stayed largely the same during the month of June, as high interest rates continued to slow the market, but low supply kept prices high.

“It’s much the same as last time, with just a few more sales,” Charlie Plyler, president of the Mobile Area Association of Realtors, said.

There were 414 total residential sales in Mobile in June, down 18.7% from June 2022 and down 37.8% from the market’s peak in June 2021, data from the Alabama Center for Real Estate shows. The median sales price decreased slightly between May and June, from $240,000 to $236,750. However, the median sales price in June was still 32.3% above the five-year average, reflecting how real estate prices have continued to increase even as sales decrease.

In a typical year, Plyler says, June is the peak month for home sales, because of summer break. But the typical uptick in activity didn’t really happen this year: between 2018 and 2022, the average number of residential sales in the month of June was 537. Plyler said he would have expected over 500 sales in June. In May of this year, there were 428 home sales.

Demand for homes remains high, Plyler says, because of the low supply of houses in the market. In June 2023, Mobile had 1.8 homes on the market for every one sale, and a total of 755 listings. For the market to be considered “balanced,” there needs to be six months of supply, i.e., six homes listed for every sale.