Alabama home sales fall 26 percent in July

Sales of previously occupied homes in Alabama fell in July by nearly 26 percent from the same month last year.

The drop was similar to the 27 percent decline nationally, the biggest fall in four decades of record-keeping. But some in the real estate industry say it likely was caused by the end of a
federal tax credit of up to $8,000.

Blake Markham, president of the Montgomery Area Association of Realtors, said the tax credit that expired June 30 may have moved some buyers to close that month, skewing the number for July. He says record low mortgage rates are bringing buyers back to the market.

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