October 2010 Housing Market Report

The Arkansas Realtors® Association reports that Arkansas home sales are down 3% for the year through October as compared to sales for the same period in 2009. The average price for a single-family home in Arkansas rose almost 5% in October to $144,674 from $137,819 in October 2009. However, for the month home sales are down almost 27% as compared with October 2009 home sales. This matches up with reports from the National Association of Realtors® that home sales in the South are 24.0 percent below the year-ago surge. NAR also reports that the median price in the South was $148,700, down 0.7 percent from October 2009.

The following is a link to the full Arkansas Realtors Association report for 42 counties in Arkansas:
http://dl.dropbox.com/u/12295076/ARA_%20Housing_market_report_for_October_FINALwithWashingtonCountyChange.xls

Lawrence Yun, NAR chief economist, said the recent sales pattern can be expected to continue. “The housing market is experiencing an uneven recovery, and a temporary foreclosure stoppage in some states is likely to have held back a number of completed sales. Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels,” he said. “Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”

The following is a link to the full NAR release on October sales: http://www.realtor.org/press_room/news_releases/2010/11/october_retreat

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.

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Filed under arkansas realtors association, housing report

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