Real Estate Update: Sales are up as mortgage rates are expected to drop
The latest Huntsville Area Association of Realtors (HAAR) report showed increased activity for the Huntsville/Madison County area in the last full week of August.
The report, covering the week ending August 26, 2023, shows new listings for single-family homes rose 16.7%, while pending sales saw a modest increase of 1.5%.
That rise may soon see a boost, as Freddie Mac reports that the national average for 30-year fixed mortgage rates has fallen for the second week in a row, with the current average rate hovering at 7.12%. That decline followed a 22-year high of 7.23%, which the national market hit on August 23.
The fact that the Huntsville area market has shown an increase in sales and listings, even in the face of that historic increase, indicates continued high demand for housing in the area. HAAR's weekly report showed a 9.9% increase, bringing the total number of available single-family homes to 2,871.
The Federal Reserve is due to meet on September 19 and 20 to discuss interest rates – however, with inflation having been drastically reduced from its meteoric rise over the past two years, experts do not believe that further rate hikes will be introduced at that time.
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