Housing affordability conditions have reached the highest level since recordkeeping began in 1970, according to the National Association of Realtors®.
NAR’s Housing Affordability Index rose to a record high 206.1 in January, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power. An index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced existing single-family home, assuming a 20 percent down payment and 25 percent of gross income devoted to mortgage principal and interest payments.
NAR projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates or home prices during the year.
What does affordability look like in our local real estate market? Take a look at February figures.
Madison County/Huntsville AL Real Estate Sales Statistics
Huntsville AL and Madison County saw an increase of 11% in sold listings in February 2012 when compared to January 2012. The average list price decreased 4% to $182,555 and the average sales price decreased by 5% to $176,532. The average price per square foot decreased by 4%, while market times increased by 3 days.
| Date |
Sold Listings |
Average List Price |
Average Sale Price |
Percent SP/LP |
Average DOM |
Average Price Sqft |
| Feb 2012 |
292 |
$182,555 |
$176,532 |
96.93% |
110 |
$76 |
| Jan 2012 |
259 |
$191,155 |
$185,492 |
96.26% |
107 |
$79 |
For more information about Huntsville AL real estate, please visit MoveToHuntsville.com or call me at 256-508-0211.
Statistics are based on information for the North Alabama Association of Realtors and are deemed reliable but not guaranteed.