The April 2011 Housing Report from the Arkansas Realtors Association shows the number of homes sold in the 42 county area covered by the report were down 23-percent compared to the same month last year and that average prices for the month were down 15-percent.
Director of Communications for the association, Amy Glover Bryant, attributes the decrease to the record amount of rainfall and severe weather the state experienced throughout the month of April and to the ending of the first time home buyer's tax credit. "As we anticipated the 13 days of rain and severe weather Arkansas experienced along with resulting flooding, damage to homes and major roads being blocked made a dent in Arkansas home sales. However, it is a great time to purchase a home in Arkansas and mortgage rates are still outstanding. The American dream of homeownership is still very much alive and buyers have a great inventory of homes from which to pick."
According to the National Weather Service, April began with warm temperatures (record highs tied/broken) and below normal precipitation. That all changed in the last two weeks of the month, which featured one of the busiest periods of severe weather and flash flooding in recent memory. More than two dozen tornadoes were spawned, and rainfall exceeded a foot in some areas. More than twenty people lost their lives and more than a foot of rain fell across the northern region of the state (at least 300-percent above normal).
Click here for the full report analyzing 42 counties in Arkansas.