Huntsville-area home sales up slightly year-over-year in August

Sales: According to ValleyMLS.com, August home sales in the Huntsville area increased 1.2% year-over-year from 808 to 818 closed transactions. Sales decreased 12% from July and are now up 5.6% year-to-date. Two more resources to review: Quarterly Report and Annual Report.

For all Huntsville-area housing data, click here.

Inventory: Homes listed for sale decreased 20.8% from 1,216 to 963 listings. Months of supply decreased from 1.5 months to 1.2, reflecting a market where sellers generally have elevated bargaining power.

Pricing: The median sales price in August was $263,640, an increase of 17.4% from one year ago and an increase of 5.5% 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 18 days on the market (DOM), selling 25 days faster than in August 2019.

Forecast: August sales were 52 units, or 6%, below the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 870 sales for the month, while actual sales were 818 units. ACRE forecast a total of 6,043 residential sales year-to-date, while there were 5,781 actual sales through August, a difference of 4.3%.

New construction: The 222 new homes sold represent 26.2% of all residential sales in the area in August. Total sales increased 21.3% year-over-year. The median sales price in August was $264,728, an increase of 1% from July and an increase of 2.5% from one year ago.

Click here to view the entire monthly report.

The Huntsville Area Residential Monthly Report is developed in connection with the Huntsville Area Association of Realtors.

Editor’s note: All information in this article reflects data provided to the Alabama Center for Real Estate for Aug. 1-31, 2020. Thus, the performance represented is historical and should not be used as an indicator of future results, particularly considering the impact of COVID-19 on the housing market.

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