Pending home sales declined on the heels of a weakening economy and with some buyers waiting for clarity on housing stimulus provisions, according to the National Association of Realtors.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in January, fell 7.7 percent to 80.4 from a downwardly revised reading of 87.1 in December, and is 6.4 percent below January 2008 when it was 85.9. The index is at the lowest level since tracking began in 2001, when the index value was set at 100.
Lawrence Yun, NAR chief economist, said the downturn in the economy also weighed heavily on the data. "Even with many serious potential home buyers on the sidelines waiting for passage of the stimulus bill, job losses and weak consumer confidence were a natural drag on home sales," he said. "We expect similarly soft home sales in the near term, but buyers are expected to respond to much improved affordability conditions and from the $8,000 first-time buyer tax credit."
Let's take a look at the sales statistics for February 2009 to see how the Huntsville AL real estate market looks:
Huntsville/Madison County Real Estate Sales Statistics
Huntsville and Madison County saw a 2% increase in average sales price in February 2009 over February 2008. There was a 31% decline in home sales, while the average list price has seen an increase of 3% over last year. While, the sales price to list price ratio saw a slight decrease. The average price per square foot saw a 1% decrease. Homes average days on the market were down by 6 days.
Date | Sold | Average | Average | Percent | Average | Average |
Jan 2009 | 294 | $195,464 | $190,003 | 97.21% | 101 | $86 |
Jan 2008 | 427 | $189,497 | $186,108 | 98.21% | 107 | $87 |
For the latest Huntsville AL real estate market conditions in your area, please call me at 256-508-0211 or visit MoveToHuntsville.com.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.