December 14th, 2009 9:47 AM

Birmingham area home sales skyrocketed 46 percent in November, the second-consecutive month of year-over-year increases, according to the Birmingham Association of Realtors.

Last month 879 homes were sold in the Birmingham metropolitan area, compared to 603 sold in November 2008, said a news release.

The association said the surge is likely attributed to the state of the economy a year ago this fall, when Congress moved to bail out financial institutions and jittery home buyers dropped out of the market in large numbers.

Year-over-year average price in November was down 5 percent for the Birmingham to $171,070, while median price increased 4 percent to $145,000 from November last year.

Inventory of homes for sale continued to dwindle, with 9,976 on the market during the month. That’s down 9 percent from 10,994 in the same month last year and the lowest inventory since May 2006.

Year-to-date Birmingham home sales fell 16 percent, compared to the first 10 months of 2008, average price dropped 9 percent and median price decreased 6 percent.

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