Real Estate Update: Sales Picked Up as Mortgage Rates Poise to Fall

The latest report from the Huntsville Area Association of Realtors (HAAR) has shown increased activity for the Huntsville/Madison County area in the last full week of August. 

The report, which covers the week ending August 26 2023, shows new listings for single-family homes increasing by 16.7%, while pending sales saw a modest increase of 1.5%. 

This uptick may soon see a boost, as Freddie Mac reports that the national average for 30-year fixed mortgage rates fell for the second week in a row, with current average rates hovering at 7.12%. This decline comes on the heels of the 22-year high water mark of 7.23%, which the national market hit on August 23.

That the Huntsville area market showed an increase in sales and listings, even in the face of that historic hike, demonstrates the continued high demand for housing in the region. HAAR’s weekly report showed an increase of 9.9%, bringing the total number of available single-family homes up to 2,871. 

The Federal Reserve is slated to meet September 19 and 20 to discuss interest rates – however, with inflation drastically reduced from its meteoric rise over the last two years, experts do not believe that further interest rate hikes will be introduced at that time. 

The Huntsville Business Journal will continue to update its readership on market conditions, both national and local.