Huntsville home sales in July? Not so hot

July in the Huntsville region witnessed a significant rise in the heat index, yet unfortunately, the same cannot be said for home sales.

Sales in the Huntsville-Madison, Athens, and Decatur markets not only remained lower than those of 2022, but they also declined compared to the previous month. This is unexpected as home sales typically increase during this period.

According to Bennie Waller, an esteemed faculty fellow at the Culverhouse College of Business, numerous factors are at play in the real estate industry.

"Sellers are refraining from listing properties unless they find themselves in a dire situation triggered by significant life events like divorce, job transfers, or loss of a loved one," he expressed. "Buyers, on the other hand, are not actively seeking properties due to either soaring interest rates or their inability to meet the necessary criteria for qualification."

According to Realtor Matt Curtis, the current low interest rates (in the range of 2% or 3%) have resulted in a decrease in the number of properties being listed for sale. He mentions that listings have dropped by 14.4%. However, Zillow's recent survey indicates that this situation might change soon, since 23% of homeowners are planning to put their homes on the market within the next three years.

According to information provided by ValleyMLS, the Huntsville-Madison market experienced a decrease in home sales last month. Specifically, 606 homes were sold, which is lower than the 651 homes sold in June and the 802 homes sold in July 2022.

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