Arkansas Realtors had a solid first quarter as reflected in a report distributed by the Arkansas Realtors Association this morning.
The number of homes sold in Arkansas in the first quarter rose by 6 percent over a year ago. The average price of those homes sold rose by 3 percent in the 43 county area surveyed by the Association. For the month of March the number of homes sold increased 1 percent and the average price for the month increased by 4 percent over March 2011.
"The key word is 'up'", said Amy Glover Bryant, Director of Communications for the statwide association. "We are up for the month and up for the year in all categories. This is good news for the Arkansas housing market, for homeowners and for prospective buyers and sellers. The wonderful weather Arkansas has been experiencing, good inventory, friendly mortgage rates and the hard work of Realtors throughout Arkansas have made a tremendous difference. It has been a very active month."
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buyer traffic is up. "Our members are reporting an increase in foot traffic from a year ago, but more importantly, home shoppers this year are much more serious about finding the right home and making an offer," he said. "Stabilizing home prices and historically favorable affordability conditions are giving buyers more confidence, and Realtors have become more optimistic since the beginning of the year from the positive shift in buyer patterns."
The National Association of REALTORS reported that the national median existing-home price for all housing types was $163,800 in March, up 2.5 percent from March 2011.
In the South, existing-home sales slipped 1.1 percent to an annual level of 1.75 million in March but are 3.6 percent higher than a year ago. The median price in the South was $146,500, up 6.2 percent from March 2011.
Click here to see the complete report on the Arkansas REALTORS Association website.