The housing market in Hoover continues to see strong price appreciation, with values up 14.4% compared to last year. Home prices have increased 7.9% in the past month alone. With 4.8 months of supply, Hoover's inventory levels remain relatively tight. Homes are now taking an average of 90 days to sell, significantly longer than the 36 days typical for this market. A significant 20.7% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 16.7% of homes sold above list price, indicating some competitive segments within the market. Affordability remains a significant challenge in the Hoover market with the affordability index at 42.0. Based on current market indicators, home prices in Hoover are projected to increase by approximately 39.2% over the next month.
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