Before the coronavirus pandemic, the only things obstructing regional residential growth was the construction industry labor shortage and a desperate shortage of housing inventory.
Still, during the pandemic, there is nothing – at least nothing new – slowing the residential housing market in North Alabama. Not a virus, not consumers, not builders, not banks, not regulation, and not the economy.
Home-buying and homebuilding are booming.
“We have sold more homes in 2020 than were sold at the same time in 2019,” said Josh McFall, CEO of the Huntsville Area Association of Realtors. “Even amidst the stress of a pandemic and busy housing market there was no slow down, and in fact, the only thing the association has seen take a downturn is housing inventory.
“I don’t even think we can classify the inventory problem as directly related to the pandemic. Beginning in January, we reported the lowest number of homes available for sale in the MLS since the MLS has been keeping track of those records in the mid-1990s.