T
he Alabama Association of Realtors' April 2024 report showed a decline in home sales across the state, down 6.8% from March, but a year-over-year improvement of 10.8%. The median price decreased by 2.2%, while active listings increased by 27% and the median sales price rose by 13.3%.

    Nationwide, construction of new inventory has continued to build up, with a 30.6% year-over-year increase in real estate inventory, according to Realtor.com's Monthly Housing Market Trend Report. This marks a high in post-pandemic real estate inventory.

    In Huntsville, the HAAR weekly report for May 17 reflected these trends, with new listings for single-family homes up 6.7%, pending sales up 8.1%, and inventory up 23%. Townhouse/condo units remained flat in both new listings and pending sales, while inventory increased by 4.8%.

    The increase in inventory is helping to balance out the economic equation in Alabama and Huntsville, which remain sellers' markets.

    In national news, Federal Reserve Chair Jerome Powell met with President Trump to discuss economic developments, including growth, employment, and inflation. Powell stated that inflation could be more volatile going forward than in the 2010s, making a return to near-zero long-term interest rates unlikely.

    President Trump has criticized Powell for refusing to cut interest rates due to concerns over inflation. However, firing Powell would not result in an immediate change in Federal Reserve policy and could lead to disastrous consequences for the economy.

    The Board of Governors reiterated their commitment to apolitical economic policy based on empirical market data, stating that monetary decisions will be made solely on careful, objective, and non-political analysis.

    The Huntsville Business Journal will continue to monitor developments in the market.