The following is a link to the September 2010 Housing Market Report from the Arkansas Realtors® Association.
The Arkansas Realtors® Association reports that Arkansas home sales in September 2010 remained 21 percent below the state’s September 2009 pace when home-buyers were ramping up in advance of the initial deadline for the tax credit last November. The average price for a single-family home in Arkansas rose almost 4% in September to $145,670 from $140,543 in September 2009. For the year, Arkansas continues to remain relatively flat in terms of number of units sold, home valuations and average prices through the end of September. The National Association of Realtors® reported earlier this week that home sales in the South were 14.9 percent lower than September 2009 and that the median price in the South was $149,500, down 2.6 percent from a year ago.
The ARA attributes the 4 percent increase in average home prices in part to Arkansas’s strong economy. The Brookings Institution’s MetroMonitor, a quarterly, interactive barometer of the health of America’s 100 largest metropolitan economies, recently ranked the Little Rock region the nation’s fourth strongest. The Brookings Institution ranked the 100 largest metros by averaging the ranks for four key indicators: employment change, unemployment change, gross metropolitan product, and home price change.
The full MetroMonitor report can be found at http://www.brookings.edu/~/media/Files/Programs/Metro/metro_monitor/2010_09_metro_monitor/0915_metro_monitor.pdf
In commenting on the national home sales numbers for September, NAR Chief Economist Lawrence Yun said the housing market is in the early stages of a recovery stating that the housing market’s recovery “will be choppy at times” but that the overall direction of the housing market “should be a gradual rising trend in home slaes with buyers responding to historically low mortgage interest rates and very favorable affordablity conditions.”
“Mortgage rates are at record lows making it a great time to buy a new home,” said Andy Meyers of Meyers Realty in Hot Springs and President-elect of the Arkansas Realtors® Association. “A 30-year, conventional, fixed-rate mortgage fell to 4.35 percent in September from 4.43 percent in August. For people who are ready to buy, today’s housing affordability is really helping them invest in their future through homeownership. In Arkansas, as in the rest of the country, it truly is a buyer’s market. Prices are low and there are plenty of fantastic homes from which to choose.”
The following are links to graphics developed by the Arkansas Geographic Information Office of September’s data:
As always, please keep in mind that this is an approximation of the Arkansas housing market based on the information provided to the Association at the time of the report’s distribution. Data is provided by Realtors® reporting through participating multiple listing services in Arkansas and while deemed reliable is not guaranteed.