Inventory rising, but still not enough to meet area's demand.
Home sales and home prices showed very little movement during the month of August in the Huntsville area.
Sales are still below where they were a year ago, and area Realtors said high interest rates remain a factor. “Things have slowed way down,” said Tim Knox of Leading Edge Real Estate Group. “Interest rates have really caused folks to pump the breaks. You cannot afford as much house as a year ago even though our average price is still really good here. Interest rates are making things a little difficult.”
“Housing affordability continues to fall with interest rate increases,” added Realtor Matt Curtis. “The housing affordability index is half of what it was just a few years ago.”“I think we are in for a sustained period of this type of market performance,” said Bennie Waller, a William Cary Hulsey faculty fellow with the Culverhouse College of Business at The University of Alabama.
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