New Year Figures Illustrate

By Marie Johnson / Photos

the pandemic, as it remains 38.2% smaller than in the pre-pandemic year of 2019.

Here in Huntsville, the market saw an 87.9% year-over-year increase in inventory. However, even with that higher rate of growth, the intense continuing demand for Huntsville results in a monthly housing supply of 2.5 months, lower than the national 3.3 month figure.

The Housing Affordability Index continued to hover at 82 for single-family units, which is to say that the median household income for the market region covers only 82 percent of the cost to qualify for the median-priced home at prevailing interest rates.

Interestingly, townhouse units actually rose to 99 on the index, up from 82 in November; however, this still represents a 40.4% decrease from December of 2021, and the reality remains that even the average townhouse remains too expensive for the median household to afford in Huntsville.

The inventory has risen, and the demand for housing in Huntsville remains unmet, and yet pending sales have declined anyway.

How can this be?

The high rate of interest dilutes the buying power of each dollar, adding hundreds to mortgage pay-