The Arkansas Realtors Association (ARA) released its December 2010 Housing Market Report today marking the end of a 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.
The report shows Benton County saw the biggest jump in home sales in the state's top five markets with a 7.53-percent boost over December 2009, Washington County was next with a 5.26-percent increase.
When it comes to highest average prices for the year, the spotlight was on Cleburne County, which saw an increase from December 2009 to December 2010 of 23.88-percent. The average price for a home in Cleburne County in December 2009 was $151,111 and in December 2010 it was $187,200.
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.”
Click here to see the full report for Arkansas.
Click here to read the full report for the nation.