Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. "Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages," he said.
Let's take a look at the September sales statistics for Huntsville and Madison Counties to get a better idea of what the future may hold:
Huntsville/Madison County Market Statistics
Date | Sold | Average | Average | Percent | Average | Average |
September 2007 | 447 | $206,564 | $202,495 | 98.03% | 89 | $90 |
September 2006 | 558 | $183,381 | $181,043 | 98.72% | 78 | $83 |
Of course, the real estate market in Huntsville and Madison Counties is always changing from month to month and neighborhood to neighborhood. To learn more about the current Huntsville AL real estate market, please call me at 256-508-0211 or visit MoveToHuntsville.com. Also visit MoveToHuntsville.com to receive automated emails of new listings that meet your criteria!