According to ValleyMLS.com, July home sales in the Huntsville area increased 16.0% year-over-year from 606 to 703 closed transactions. Following seasonal trends, sales increased 2.6% from June. Sales are down 3.2% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: July listings (2,610) increased 16.7% from June and increased 61.9% from one year ago. At the current sales pace, all the active inventory on the market would sell in 3.7 months, up from 3.3 in June, and up from 2.6 months in July 2023. The equilibrium point where buyers and sellers have roughly equal bargaining power is roughly 6 months of supply.
Pricing: The median sales price in July was $349,900, an increase of 1.5% from one year ago and an increase of 2.9% from June. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE recommends consulting with a local real estate professional to discuss pricing, as it will vary from neighborhood to neighborhood.
Homes sold in July averaged 38 days on the market (DOM), 12 days slower than July 2023.
Forecast: July sales were 65 units, or 10.2%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 638 sales for the month, while actual sales were 703 units. ACRE forecasted a total of 4,083 residential sales in the area year-to-date, while there were 4,156 actual sales through July, a difference of 1.8%.
New Construction: The 192 new homes sold represent 27.3% of all residential sales in the area in July. Total sales increased 10.3% year-over-year. The median sales price in July was $366,212, an increase of 7.7% from June and an increase of 14.4% from one year ago.
Click here to view the entire monthly report.
