According to ValleyMLS.com, August home sales in the Huntsville area increased 2.2% year-over-year from 630 to 644 closed transactions. Following seasonal trends, sales decreased 8.4% from July. Sales are up 3.1% year-to-date. Two more resources to review: Quarterly Report and Annual Report.
For all Huntsville-area housing data, click here.
Inventory: August listings (2,655) increased 1.7% from July and increased 58.2% from one year ago. At the current sales pace, all the active inventory on the market would sell in 4.1 months, up from 3.7 in July, and up from 2.7 months in August 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 August was $325,745, a decrease of 1.3% from one year ago and a decrease of 6.9% from July. 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 August averaged 37 days on the market (DOM), 13 days slower than August 2023.
Forecast: August sales were 8 units, or 1.3%, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 636 sales for the month, while actual sales were 644 units. ACRE forecasted a total of 4,719 residential sales in the area year-to-date, while there were 4,800 actual sales through August, a difference of 1.7%.
New Construction: The 232 new homes sold represent 36.0% of all residential sales in the area in August. Total sales increased 45.0% year-over-year. The median sales price in August was $329,000, a decrease of 10.2% from July and a decrease of 3.6% from one year ago.
Click here to view the entire monthly report.
