December 2010 Housing Market Report
The Arkansas Realtors® Association released its December 2010 Housing Market Report today marking the end of tumultous year for the Arkansas housing market.
“The report confirms what we’ve been saying all year – the end of the first time homebuyers tax credit created an exaggerated dip in the Arkansas housing market,” said Amy Glover Bryant, Director of Communications for the Association. “We knew that once the tax credit ended their would be a slow down in sales activity; however, we believe this month’s report represents a return to what we would categorize as normal numbers.”
Today’s report shows that Arkansas home sales were down less than 5 percent from 2009. For the month, home sales are down less than 1 percent as compared with December 2009 sales. The average price for a single-family home in Arkansas rose in 2010 by slightly less than 1 percent.
Lawrence Yun, NAR chief economist, said sales nationally are on an uptrend. “December was a good finish to 2010, when sales fluctuate more than normal. The pattern over the past six months is clearly showing a recovery,” he said. “The December pace is near the volume we’re expecting for 2011, so the market is getting much closer to an adequate, sustainable level. The recovery will likely continue as job growth gains momentum and rising rents encourage more renters into ownership while exceptional affordability conditions remain.”
The following are links to the full Arkansas Realtors Association report for 42 counties in Arkansas (excel or PDF):
The following is a link to the full NAR release on December sales: http://www.realtor.org/press_room/news_releases/2011/01/sharp_rise