The Huntsville Area Association of Realtors (HAAR) has compiled its report for the Huntsville/Madison County real estate market, dated to the last week of July.

New listings for single-family units decreased by 17.4%, even as inventory increased 14.2% for that same period. With sales continuing their modest rise – a 0.4% increase in this instance – it would appear that competition is increasing for buyers. The HAAR’s monthly report for June showed that the median sales price remained flat, at $315,000 for that month; time will tell if the monthly report for July will show a resumed increase in the median sales price to reflect these conditions.

Townhouse/condo units, however, saw an increase across the board in listings, sales, and inventory. New listings saw a 50% increase, pending sales were up by 18.2%, and inventory increased by 10.2%.

Nationally, a joint report from the US Census Bureau and the Department of Housing and Urban Development indicates that single-family housing starts – the approval of new construction projects – dipped 8%. The report suggested that high interest rates and issues with the supply chain continued to plague the construction industry.

In contrast, the Huntsville/Madison County market has seen high demand drive construction forward, but it is unknown what, if any, effects the announcement that the Space Force Command Headquarters remaining in Colorado will have on the real estate market over the next few years.

Of interest to the real estate market nationwide is the new Treasury Department rule designed to crack down on money laundering through real estate purchases.

The proposed rule would require real estate professionals to report the identities of the owners of businesses that purchase real estate in cash to the Treasury Department’s Financial Crimes Enforcement Network. The Treasury Department says that this will close off an avenue for criminals, foreign oligarchs, and terrorists to anonymously funnel money through real estate.

The proposal is expected to be introduced later this month, and will be open to input from the public and industry figures before finalization.

Continue reading the Huntsville Business Journal for more information on real estate market conditions and legislation.