River Region home sales increase

Posted by Bryan Henry  -  bio | email

MONTGOMERY, AL (WSFA) - Kathy Manning and her husband did their part in trying to turn the housing market around. They just moved into their retirement home a month ago, calling it the right move at the right time.

"We were very lucky. We sold our house in Shreveport, Louisiana, without having to put a sign in the yard. Everything just fell into place," said Manning.

And Manning isn't the only one.

"The market's picked up," said Dee Morris, President of the Montgomery Area Association of Realtors.

Picked up in a very big way. In the River Region new home sales increased by 12% over the last 3 months, according to Morris. Most of the homes being bought she says are in the $200,000 plus range.

"It suggests that we are reducing our inventory and we are building again," said Morris.

Some in the housing industry believe this is another sign the housing market has bottomed out and bouncing back from the worst downturn in years. In fact, the U.S. Department of Commerce said today that new home sales rose 11% in June, the biggest jump in more than 8 years.

"Everybody needs a home to go to. This economy will turn around. It may not be tomorrow and it may not be next week but it will turn," said Morris.

Much like the perfect storm that helped cause the housing market to collapse, the reverse appears to be taking shape; low rates, home prices reduced and people taking chances again.

Kathy Manning did just that. Manning and her husband locked in on a fixed rate slightly higher than 4.5%.

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