The July housing market report will offer one of the more clarifying analyses of the true state of home sales in Arkansas.
July 2011 will be the first month where last year’s homebuyer tax credits won’t factor into the monthly sales figures. You can expect some solid jumps in year-over-year monthly comparisons, based on preliminary market numbers.
First Arkansas News reports that northwest Arkansas home sales in Benton, Washington, Carroll and Madison counties were up 42.2% in July 2011 compared to the previous year. Valuations were 21.9% higher indicating that while transactions were on the rise, the price of homes sold were lower in those counties.
In central Arkansas – Pulaski, Faulkner, Grant, Lonoke, and Saline county markets – home sales rose 21.5% in July, while valuations only rose 14.8%.
July’s 2011 numbers in central Arkansas – the largest housing market in the state – is below July 2009 numbers by 19%. Statistics from July 2009 were not immediately available for northwest Arkansas.
Year-to-date in 2011, home sales in central Arkansas are trending 9.3% lower, while northwest Arkansas numbers are actually up 6.1% compared to the first seven months of last year.
UPDATE: Tuesday morning’s report from the Arkansas Realtors Association confirms our earlier news. Statewide home sales in July rose 20% compared to last year’s comparable period. The valuation of those homes rose by 14.6% statewide. Average prices were 4.4% lower at $144,871.
Year-to-date, home sales in Arkansas remain 7.7% lower than during the first 7 months of 2010. Average home prices are trending 1.3% lower than a year ago, according to year-to-date figures.
You can read the full Arkansas Realtors Association report for July at this link.