Home Prices Hold Steady

Sales Slow to Seasonal Norm. Home prices held steady in Huntsville Madison County with homes sales returning to seasonal norms after record breaking activity in November and December according to new data prepared by the Huntsville Area Association of REALTORS® (HAAR). January home sales decreased by 11.57 percent from January 2009 and 40.75 percent from the prior month of December which posted one of the highest sales on record for a December.

At $168,000, the January 2010 single-family home median price – the figure at which half of the homes sold for more and half sold for less – remained unchanged from January 2009 and decreased by 1.12 percent from the previous month.

“Record breaking homes sales in the previous months were the result of many buyers anticipating the expiration of the home buying tax credit at year end prior to Congress extending the program. Those sales entered the pipeline in September and October and closed at year end. What we saw in January was a return to seasonal normalcy. The median price holding steady is an indicator of a well positioned housing market,” said Oscar Gonzales, HAAR CEO.

Available Properties
The number of available properties (active listings) in January increased by 14.07 percent compared to December 2009. There were 367 more listings compared to December 2009, breaking the 6 month cycle of inventory contraction. "Maintaining a healthy inventory is important to avoid a shortage of housing that can lead to overinflated home prices. After two consecutive quarters of contraction, an increase in inventory is good and helps keep the market balanced," said Gonzales.
The Huntsville Madison County area month’s inventory of single-family homes for December came in at 7.5 months compared to the national month’s inventory of single-family homes, which was approximately 7.2 months in December, according to the National Association of REALTORS® (NAR).

Days on Market
The January 2010 Average Days on Market (DOM) rose to 122 compared to Decembers 88 days, marking another seasonal trend.

Real Estate Milestones in January
Home prices held steady in Huntsville Madison County with homes sales returning to seasonal norms after record breaking activity in November and December.
At $168,000, the January 2010 single-family home median price
The number of available properties (active listings) in January increased by 14.07 percent compared to December 2009. – the figure at which half of the homes sold for more and half sold for less – remained unchanged from January 2009.
The January 2010 Average Days on Market (DOM) rose to 122 compared to Decembers 88 days, marking another seasonal trend.

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