Big Jump in July for Arkansas Home Sales
By: KARK 4 News
Updated: August 30, 2011
Arkansans went on a home-buying spree last month.
The Arkansas Realtors Association says July's number of units sold surpassed the same month in 2010 by 20-percent.
And that's not all, there was also a boost in values of homes by 15-percent. The only down side with the housing report was that the average price of a home in Arkansas dropped by 4-percent.
"For the year Arkansas is in line with the rest of the region and the nation," said Amy Glover Bryant, Director of Communications for the Association. "We are cautiously optimistic about this improvement and, while we are looking forward to a strong August and September reports, we recognize that the fourth quarter could be challenging as the U.S. economy continues to struggle."
Click here to see the full July report.
Lawrence Yun, NAR chief economist, said there is a tug and pull on the market. "Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers," he said. "Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs."
According to a recent NAR news release, in the South, existing-home sales declined 1.6-percent to an annual level of 1.84 million in July but are 19.5-percent above July 2010. The median price in the South was $152,600, which is 2.2-percent below a year ago.
Today's report shows the number of homes sold in the 42 county area covered by the report in June was down 7-percent year-over-year and that average home prices for the time period were down 1.3-percent.
"Arkansas is holding its own right now and I am hearing very positive feedback from Realtors around the state. However, like politics, real estate is local. It is important that consumers work with realtors in their area to clearly understand the dynamics of their individual market and discuss what home buying options are best for them and their families."
The Arkansas Realtors Association says July's number of units sold surpassed the same month in 2010 by 20-percent.
And that's not all, there was also a boost in values of homes by 15-percent. The only down side with the housing report was that the average price of a home in Arkansas dropped by 4-percent.
"For the year Arkansas is in line with the rest of the region and the nation," said Amy Glover Bryant, Director of Communications for the Association. "We are cautiously optimistic about this improvement and, while we are looking forward to a strong August and September reports, we recognize that the fourth quarter could be challenging as the U.S. economy continues to struggle."
Click here to see the full July report.
Lawrence Yun, NAR chief economist, said there is a tug and pull on the market. "Affordability conditions this year have been the most favorable on record dating back to 1970, but many buyers are being held back because banks are offering financing to only the most highly qualified borrowers, ignoring a large share of otherwise creditworthy buyers," he said. "Those potential buyers represent the difference between an uneven recovery and a much more robust housing market that could stimulate additional economic activity and create jobs."
According to a recent NAR news release, in the South, existing-home sales declined 1.6-percent to an annual level of 1.84 million in July but are 19.5-percent above July 2010. The median price in the South was $152,600, which is 2.2-percent below a year ago.
Today's report shows the number of homes sold in the 42 county area covered by the report in June was down 7-percent year-over-year and that average home prices for the time period were down 1.3-percent.
"Arkansas is holding its own right now and I am hearing very positive feedback from Realtors around the state. However, like politics, real estate is local. It is important that consumers work with realtors in their area to clearly understand the dynamics of their individual market and discuss what home buying options are best for them and their families."
