Momentum begins to build

July data 'point to a housing market that is rebounding'

Madison County home sales increased in July for the third consecutive month, the Huntsville Area Association of Realtors said Tuesday.

Last month, 497 homes were sold, an 11.2 percent increase over the 447 homes sold in June, which was up from the 429 homes sold in May, the association reported. However, July's sales fell 7.8 percent compared with the same month last year.

The single-family home median selling price - the figure at which half of the homes sold for more and half sold for less - increased 1.74 percent last month, to $175,000 from $172,000 in June. July's median price was slightly higher than July 2008's median price of $174,900.

Association CEO Oscar Gonzales noted that while home sales are down for the year, the gap between this year's sales and last year's is decreasing. From January through July, county home sales are down 14.7 percent year over year.

"While housing activity has not reached 2008 levels, the trends in terms of sales, median home prices and inventory all point to a housing market that is rebounding at a healthy and reasonable level," Gonzales said.

The majority of homes sold last month - 304 - were under $200,000, according to the report.

The number of homes on the market decreased by 5.2 percent year over year, to 2,907 from 3,067, but were up slightly from June (2,852). The average days on the market also decreased, to 91 in July from 103 in June and 97 in July 2008.

Housing inventory, or the amount of time it would take to sell all of the houses on the market, sits at 7.9 months, compared with 10.2 months nationally, according to the report.