Arvest Invests in Area Report
by June 6, 2005 12:00 am 74 views
Just about everyone knows Arvest Bank Group Inc. has commissioned a quarterly residential and commercial real estate study from the University of Arkansas’ Center for Business and Economic Research. But very few other than Arvesters know what the Arvest Skyline Report actually says.
The Business Journal managed to sneak a peek at one small nugget from the report.
The UA team surveyed about 13,000 residential lots that were either under construction or platted in the first quarter of 2005. Of those lots, 873 (6.7 percent) became occupied in the first quarter, up from 622 occupied in the fourth quarter of 2004.
There were 812 homes built but not yet occupied in the fourth quarter of 2004 and 928 left empty in the first quarter of 2005.
This may mean the housing boom is slowing down, or it may not. Year-over-year data isn’t yet available, because the study is just about to celebrate its first anniversary. But to us, it looks like a glut.
Arvest is holding a news conference on June 7 to fill in background and announce when it might start making details from the Skyline Report public.