By SPEAKIN’ OUT NEWS
MADISON COUNTY — More homes on the market are giving buyers additional choices, but rising prices continue to complicate the path to homeownership for local families.
An Oct. 5 Huntsville Business Journal report, citing the Huntsville Area Association of REALTORS, found single-family inventory reached 2,238 homes during the week ending Aug. 22, up 6.5% from a year earlier.
The increase came even as new listings for that week fell 4.3% to 154. Pending sales climbed 15% to 138, indicating buyers continued signing contracts despite affordability pressures.
Those figures reflect August activity, not an October snapshot of the market.
July’s median single-family sale price was $345,750, up 1.7% year over year. HAAR’s own market update also reported that homes sold in July spent an average of 44 days on the market, up 4.8% from the previous year.
Sellers received an average of 98.8% of their listing price, while the available supply stood at four months. Together, those measures show a market offering more time and selection without a broad retreat in sale prices.
The Business Journal reported a July affordability index of 88. Under that measure, median household income represented 88% of the income needed to qualify for a median-priced home at prevailing interest rates.
For families comparing homes, increased inventory and improved affordability are separate questions. A larger selection does not automatically mean a lower monthly payment.
HAAR’s August market commentary identified interest rates and broader price pressures as constraints on purchasing power. The association encouraged realistic seller pricing and discussion of financing concessions, reflecting the continued importance of both the purchase price and borrowing costs.