National magazine paints negative light on Montgomery housing in - WSFA.com Montgomery Alabama news.

National magazine paints negative light on Montgomery housing industry

Mugs Mullins (right) looks over the Kiplinger article with a fellow Montgomery realty expert. Mugs Mullins (right) looks over the Kiplinger article with a fellow Montgomery realty expert.
MONTGOMERY, AL (WSFA) -

A well-known business magazine has local real estate agents upset.

Kiplinger magazine published an article listing the 12 cities where home prices have fallen the most.  Montgomery ranked number 1.

"The numbers are very inaccurate and they're painting Montgomery in a bad light," says Montgomery Area Association of Realtors President, Mugs Mullins.

Realtors across Montgomery were "shocked, it was very insulting," says Mullins.

The article claims many things Mullins says simply aren't true.

"The numbers they come up with, they try to paint us in a national picture, which we're not in."

The article says home prices decreased more than 14% over the last year.

Mullins says they actually went up, roughly $10,000 dollars.

"Any realtor in town will tell you the market is booming right now. We're getting great listings. Prices are great."

The article claims the median price for a home in Montgomery is $86,000 dollars.

Another fact Mullins disputes.

"Our median sold price in 2006 was $146,000. Our median sold price, today's market is $136,000."

Mullins admits from 2006 to 2012, housing sales dipped tremendously as they did in most any other city.

But prices remained stable.

"I just don't know where they got these numbers from that's just crazy."

The article says the statistics came from realtors' associations and multiple listing services--a database listing most any home on the market and the source for Mullins' statistics, too.

Mullins says he never got a call from Kiplinger and hasn't seen the magazine's figures on any database.

"We can't replicate the numbers they came up with."

Mullins plans to contact Kiplinger's magazine to see how they computed their numbers.

He believes they may have used a much different formula that isn't specific to Montgomery.

The magazine also listed Montgomery's unemployment rate at 7.9% when most recent statistics show it at 6.3%.

Other cities listed in the magazine for having seen home prices drop were St. Louis, Missouri, Charlotte, North Carolina and Baton Rouge, Louisiana.

 To view the full Kiplinger article click here.

Copyright 2013  WSFA 12 News.  All rights reserved.

 

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