Albany's home sales in better shape than the nation's -, Albany News, Weather, Sports

Albany's home sales in better shape than the nation's

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By Karen Cohilas - bio | email

ALBANY, GA (WALB) –  While existing home sales took a dive nationally, realtors in the Albany area say the drop-off wasn't nearly as severe here.

National home sales fell by 27% in July. That's a 15 year low. The drop is being blamed mostly on the end of the $8,000 home buyer credit.

In Albany, realtors say home sales in June and July remained steady to previous months, though they were down from 2009 figures.

Gary Eller of the Albany Board of Realtors says he's pleased with how steady home sales have been here and is even more excited that the number of homes on the market has dropped and homes are selling faster.  

"The days on the market in 2009 averaged somewhere around 113, 116 days. We're now down to about 98 days on the market, so that means we're selling these houses faster. I can attribute that to probably, the lower interest rates. Interest rates now 4.5% range, that's some of the lowest interest rates in 20 years," said Eller.

He says one reason the Albany market is low interest rates. Sellers aren't taking a big hit on their properties either, with homes selling around 95% of list price.


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