Montgomery home sales drop, economy to blame

Posted by Cody Holyoke - bio | email

MONTGOMERY, AL (WSFA) - In Alabama, July home sales were down a bit more than the national trend.  Existing home sales dropped about 25.7% compared to a year ago.

After a boost this year, thanks to tax incentives, existing home sales in the Montgomery area plummeted 33.5% from June to July. Realtors, in part, blame the shaky job market.

"I've had a couple of customers that have kind of backed off on looking until they're job situation changes," said Gay Carlisle of ALFA Realty.

Homeowners like Barbara Wharton of Montgomery hope for better luck.  On the market for four weeks, her Dalraida home attracted some interest but no sale.

"The first couple that looked at it wanted to buy it but couldn't qualify, but we've had a lot of people look at it," Wharton said.

Realtors say tougher credit requirements mean more homes on the market. Nearly 4,000 homes are available in the Montgomery area--the most since August 2008.

"We thought we had a possible offer, but [buyers] want to see 20 houses first. They want to see every house on the market," Carlisle explained.

Hoping her home is a buyer's final choice, Wharton and her family keep their fingers crossed and wait for the good news to show up on their doorstep.

"If they keep on coming, I think eventually we're going to get that offer, and I think they'll enjoy it," Wharton said.

©2010 WSFA. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.