Sales Down 10 percent, Prices Up 10 percent
LITTLE ROCK (May 24, 2012) – Arkansas Realtors® had an interesting month in April as reflected in a report distributed by the Arkansas Realtors® Association this morning. The number of homes sold in Arkansas decreased by 10 percent over a year ago while the average price of those homes sold rose by 10 percent. The average price of the homes sold in the 43 county area surveyed by the Association increased from $138,642 in April 2011 to $150,153 in April 2012.
“It is interesting to see that although the number of units sold for April fell in Pulaski, Washington and Benton Counties the price per unit increased-a whopping 26% in Washington and 11% in Benton County,” said Amy Glover Bryant, Director of Communications for the statwide association. “According to some of the Realtors® I’ve spoken to over the last week, this could be indicative of a number of things. It is possible that some of the excess inventory has been sold off, that there are fewer foreclosures or that the higher priced homes are selling better. They’ve also mentioned that in many cases they are getting multiple offers on the same listing. All in all, this month’s stats bode well for sellers.”
For the year Arkansas home sales are up almost 2 percent with the average price of those homes sold up almost 5 percent.
According to the National Association of Realtors® nationwide total existing home sales which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 3.4 percent to a seasonally adjusted annual rate of 4.62 million in April from a downwardly revised 4.47 million in March, and are 10.0 percent higher than the 4.20 million-unit level in April 2011.
Lawrence Yun NAR chief economist, said the housing recovery is underway. “It is no longer just the investors who are taking advantage of high affordability conditions. A return of normal home buying for occupancy is helping home sales across all price points, and now the recovery appears to be extending to home prices,” he said. “The general downtrend in both listed and shadow inventory has shifted from a buyers’ market to one that is much more balanced, but in some areas it has become a seller’s market.”
In the South, existing-home sales rose 3.5 percent to an annual level of 1.79 million in April and are 6.5 percent higher than a year ago. The median price in the South was $153,400, up 8.0 percent from April 2011.
Excel and pdf versions of the February report can be found on the Arkansas REALTORS® Association website at https://arkansasrealtors.com/news-events/housing-market-reports.
For information on national numbers from the National Association of REALTORS®, please visit http://www.realtor.org.
For more information, contact Amy Glover Bryant at the Association at 501.225.2020 or on her wireless at 501.786.9415.