Huntsville Real Estate Blog

Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.

Lawrence Yun, NAR chief economist, said home sales are experiencing a pendulum swing. “Keep in mind that housing had been underperforming over most of the past year. Based on the demographics of our growing population, existing-home sales should be in the range of 5.5 million to 6.0 million annually, but we were well below the 5-million mark before the home buyer tax credit stimulus,” he said. “This means the tax credit is helping unleash a pent-up demand from a large pool of financially qualified renters, much more than borrowing sales from the future.

Let’s look at November Madison County/Huntsville real estate sales to see how the housing recovery is progressing locally.

Madison County/Huntsville Real Estate Sales Statistics 

Madison County and Huntsville real estate saw a decrease of 8% in sold listings in November when compared to October 2009.  The average sales price increased by 3% to $188,818.  The average price per square foot increased by 10% when compared with October 2009.  And the average list price increased by 3%.  While homes were on the market an average of 5 days less than October 2009

For more information about Huntsville real estate, please visit MoveToHuntsville.com or call me at 256-508-0211. 

To begin searching Huntsville AL homes, please use my complimentary MLS search.  

Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed

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