Huntsville median home sales prices up 10.4 percent in October from a year ago

The Alabama Center for Real Estate recently issued its monthly statistics report.  The following article is from the Alabama News Center.  You can read the entire article here.

Huntsville median home sales price up 10.4 percent in October from a year ago

Sales: According to ValleyMLS.com, Huntsville-area home sales totaled 612 units during October, up 2 percent from 600 sales in the same month a year earlier. October sales were down 6.4 percent compared to 654 sales in September. Results were 30.5 percent above the five-year October average of 469 sales. Two more resources to review: Quarterly Report and Annual Report.

For all Huntsville-area housing data, click here.

Inventory: Homes listed for sale in the Huntsville area during October totaled 1,598 units, a decrease of 24.5 percent from October 2017’s 2,116 units, and a decrease of 2.9 percent from September 2018’s 1,646 units. Huntsville also experienced a year-over-year decline in months of supply. October months of supply totaled 2.6 months, a decrease of 26 percent from October 2017’s 3.5 months of supply. However, October’s months of supply increased from September’s 2.5 months of supply.

Pricing: The Huntsville median sales price in October was $214,850, an increase of 10.4 percent from one year ago and an increase of 5.1 percent from the prior month. This direction is inconsistent with historical data (2013-17) indicating that the October median sales price on average decreases from September by 2.4 percent. The differing sample size (number of residential sales of comparative months) can contribute to statistical volatility, including pricing. ACRE highly recommends consulting with a local real estate professional to discuss pricing trends, as they will vary from neighborhood to neighborhood. The homes selling in October spent an average of 50 days on the market (DOM), a decrease of 26.5 percent from 68 days in October 2017, but an increase of 4.2 percent from 48 days in September.

Forecast: October sales were 21 units, or 3.5 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 591 sales for the month, while actual sales were 612 units. ACRE forecast a total of 6,110 residential sales in the Huntsville area year-to-date, while there were 6,508 actual sales through October.

ACRE’s statewide perspective: While nationwide sales declined 2.6 percent during October, residential sales in Alabama continued to grow during the fall of 2018. Total residential sales in Alabama increased 9.1 percent year-over-year from 4,473 to 4,880 closed transactions. Year-to-date through October, statewide residential sales are up 7 percent from 48,745 one year ago to 52,163 currently. Home price appreciation in the state continued to grow as the median sales price in October increased 7.1 percent year-over-year from $146,458 to $156,872. The year-to-date median sales price is up 4.8 percent from 2017. Although nationwide inventory levels increased 2.8 percent in October, Alabama’s residential inventory decreased 9.2 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during October spent an average of 98 days on the market, an improvement of 15 days from 2017.

NAR’s national perspective: During October, nationwide inventory for existing homes increased 2.8 percent year-over-year from 1.8 million to 1.85 million residential listings. According to Lawrence Yun, chief economist for the National Association of Realtors, “As more inventory enters the market and we head into the winter season, home price growth has begun to slow more meaningfully. This allows for much more manageable, less frenzied buying conditions.”

Alabama statewide home sales up 8.5 percent in September from 2017

The Alabama Center for Real Estate recently issued its monthly statistics report.  The following article is from the Alabama News Center.  You can read the entire article here.

Alabama statewide home sales up 8.5 percent in September from 2017

Sales: Alabama statewide home sales totaled 5,074 units during September, up 8.5 percent from 4,678 sales in the same month a year earlier. However, September sales were down 13.5 percent compared to 5,862 sales in August. Results were 18 percent above the five-year September average of 4,678 sales. Two more resources to review: Quarterly Report and Annual Report.

For all statewide housing data, click here.

Inventory: Homes listed for sale statewide during September totaled 23,762 units, a decrease of 8.9 percent from September 2017’s 25,989 units, and a decrease of 2 percent from August 2018’s 24,165 units. September months of supply totaled 4.7 months, a decrease of 16 percent from September 2017’s 5.6 months of supply. However, September’s months of supply increased from August’s 4.1 months of supply.

Pricing: The statewide median sales price in September was $162,482, an increase of .6 percent from one year ago and a decrease of .1 percent from the prior month. This direction is consistent with historical data (2013-17) indicating that the September median sales price on average decreases from August by 1.4 percent. The homes selling in September spent an average of 90 days on the market (DOM), a decrease of 16.8 percent from 108 days in September 2017, and a 5.5 percent decrease from 95 days in August. This indicator can fluctuate from month to month because of the sampling size of data and seasonal buying patterns.

Forecast: September sales were 201 units, or 4.1 percent, above the Alabama Center for Real Estate’s (ACRE) monthly forecast. ACRE projected 4,873 sales for the month, while actual sales were 5,074 units. ACRE forecast a total of 44,783 residential sales statewide year-to-date, while there were 47,326 actual sales through September.

ACRE’s statewide perspective: While nationwide sales declined during September, residential sales in Alabama continued to grow during the early fall of 2018. Total residential sales in Alabama increased 8.5 percent year-over-year from 4,678 to 5,074 closed transactions. Year-to-date through September, statewide residential sales are up 6.8 percent from 44,272 one year ago to 47,283 currently. Home price appreciation in the state grew, but at a slower pace than in previous months. The median sales price in September increased 0.6 percent from $161,480 to $162,482, while the year-to-date median sales price is up 4.4 percent from 2017. Although nationwide inventory levels are starting to stabilize, Alabama’s residential inventory decreased 8.9 percent from one year ago. Low inventory levels were a major factor contributing to rising sales prices throughout 2018. With low inventory levels, it is not surprising to see homes selling more quickly than in previous years. Homes selling in Alabama during September spent an average of 90 days on the market, an improvement of 18 days from 2017.

NAR’s national perspective: During September, nationwide sales volume for existing homes decreased 9.1 percent year-over-year from 462,000 to 420,000 closed transactions. According to Lawrence Yun, chief economist for the National Association of Realtors, rising interest rates played a significant role in September sales declines in markets across the nation. “This is the lowest existing home sales level since November 2015,” he said. “A decade’s high mortgage rates are preventing consumers from making quick decisions on home purchases. All the while, affordable home listings remain low, continuing to spur underperforming sales activity across the country.”

Thinking of Buying a New Home? Lock In Your Mortgage Rate Today!

With mortgage rates trending upwards, now may be a good time to lock in your mortgage rate, if you are thinking of buying a new home.  Natalie Campisi explains the mortgage rate lock process on Bankrate.comClick here to read the entire article.

When should you lock a mortgage rate?

As mortgage rates increase, homebuyers should pay close attention — higher rates mean more cash out of pocket for borrowers.  For those worried that rates will climb even further before closing, a mortgage rate lock could be the solution.

What is a mortgage rate lock?

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Athens home sales surge from a year ago

The August sales reports are in and it is good news for Athens!

Sales: According to the ValleyMLS.com, Athens/Limestone County residential sales totaled 187 units during August, up 16.9 percent from 160 sales in the same month a year earlier. August sales were also up 17.6 percent compared to 159 sales in July. Results were 63.7 percent above the five-year August average of 114 sales. Two more resources to review: Quarterly Report and  Annual Report.  

For all Athens/Limestone County area housing data, click here.

Inventory: Total homes listed for sale in the Athens area in August totaled 497 units, a decrease of 25.3 percent from August 2017’s 665 Continue reading