Arkansas realtors had an "outstanding" month according to a new report released today by the Arkansas Realtors Association.
The number of homes sold in Arkansas in February rose by 15.41-percent over a year ago.
The average price of those homes sold remained relatively even at $135,875 down a mere .04-percent in the 43-county area surveyed by the Association.
For the year the number of homes sold increased 8.65-percent and the average price for the first two months of the year increased by 1.08-percent over the same time period in 2011.
"This is good news for the Arkansas housing market," said Dana Powell, 2012 Arkansas Realtors Association President and a Team Leader/Executive Broker with Keller-Williams Realty in Little Rock. "Overall, our state was up in all categories, ie: home values, units sold and average price points. Increases ranged from over 22-percent month over month to 12-percent year over year. Buyers and sellers alike can be encouraged by signs that the market is finally turning."
According to Lawrence Yun, NAR chief economist, underlying factors are much better compared to one year ago. "The market is trending up unevenly, with record high consumer buying power and sustained job gains giving buyers the confidence they need to get into the market. Although relatively unusual, there will be rising demand for both rental space and homeownership this year. The great suppression in household formation during the past four years was unsustainable, and a pent-up demand could burst forth from the improving economy."
The National Association of Realtors reported that the national median existing-home price for all housing types was $156,600 in February, up 0.3-percent from February 2011.
In the South, existing-home sales increased 0.6-percent to an annual level of 1.77 million in February and are 9.3-percent higher than a year ago. The median price in the South was $138,100, up 1.8-percent from February 2011.
"The bottom line is investors and first-time buyers are competing for bargain-priced properties in much of the country, with home prices showing signs of stabilizing in many areas," NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said. "People realize that homeownership is an investment in their future. Given an apparent over-correction in most areas, over the long term home prices have nowhere to go but up."
Click here for the full February report.