Home sales in Arkansas continue to paint a picture of an improving economy in three of the state’s four largest metro areas, with the Fort Smith region seeing a decline in home sales for the first four months of 2013.
Pulaski County, Arkansas’ largest by population, is no longer the likely list topper for the number of homes sold in a given period. Benton County Realtors sold 883 homes during the first quarter of 2013, higher than the 869 homes sold in Pulaski County during the period.
Home sales in Arkansas’ four largest markets during the first two months of 2013 are up more than 8%, and the value of homes sold are up more than 10%, according to The City Wire’s Arkansas Home Sales Report.
Three of Arkansas’ four largest metro areas posted double-digit gains in the number of homes sold in January, with the combined number of homes sold measured by the Arkansas Home Sales Report up 14.8% in January compared to January 2012.
Although the combined number of home sales in Arkansas’ largest markets were up just 2.07% during 2012, economist Michael Pakko said the industry is “moving in the right direction.” Combined sales values were up almost 11% for the year.
Combined home sales in Arkansas’ largest markets were down more than 7% in September, the fourth consecutive month of declines in the important economic sector. Fortunately, the average home sale price was up more than 7.5% for the month.
Thanks primarily to year-to-date gains in the central Arkansas and Northwest Arkansas markets, home sales in Arkansas’ large-market areas are up 0.92% for the first four months of 2012 compared to the 2011 period.
Low mortgage rates and an abundance of homes for sale are just two reasons that three of Arkansas’ four largest home sales markets have sales gains in the first two months of 2012 compared to the 2011 period, according to The City Wire’s February Arkansas Home Sales Report.
Information in the inaugural The City Wire’s Arkansas Home Sales Report indicates that Arkansas’ housing market continues on a slow pace toward recovery, with low interest rates and economic uncertainty competing for the attention of potential home buyers.