The heat index soared during the month of July in the Huntsville area, but home sales did not.

Not only did sales continue to fall below 2022 levels in the Huntsville-Madison, Athens and Decatur markets, they also fell off from the previous month during a time when home sales normally rise.

“Multiple dynamics are going on in housing markets,” said Bennie Waller, a William Cary Hulsey faculty fellow with the Culverhouse College of Business at The University of Alabama

“Sellers are not listing properties unless they absolutely must due to some sort of life event (divorce, job relocation, death, etc). Buyers are not looking as a result high interest rates and/or not being able to qualify,” he said.

“With many home owners having rates in the 2′s or 3′s, there have been fewer listings hitting the market,” added Realtor Matt Curtis. “Listings are down 14.4%, but a recent survey by Zillow shows that this stat may change as 23% of homeowners plan on selling their home in the next 3 years.”

In the Huntsville-Madison market, 606 homes sold last month, compared to 651 in June and 802 in July 2022, according to data from ValleyMLS.