Huntsville housing market booming

Huntsville housing market booming

HUNTSVILLE, AL (WAFF) - The housing market in Huntsville appears to be following the same nationwide trend that saw Americans buying homes in June at the fastest rate in over eight years.

The Huntsville Association of Realtors said sales surged last month, rising to nearly 630 homes sold last month.  It is 130 more than have sold in any single month so far this year.

Across the country, the National Association of Realtors says sales of existing homes climbed 3.2 percent to the highest rate since February 2007.

The median price for homes sold in Huntsville also rose to their highest level of 2015 at $179,502.

The 487 existing single family homes made up the majority of homes sold in the Huntsville area in June followed by 134 newly built homes.

Strong job gains since 2014 and relatively low mortgage rates have generated increased demand. But the market has just 5 months' supply of homes, compared to an average of six months in a healthy market.
         
Median home prices nationwide climbed 6.5 percent over the past 12 months to $236,400, the highest average tracked by the Realtors.

Copyright 2015 WAFF. All rights reserved. The Associated Press contributed to this report.