Area home prices fall, Fort Smith building permits get school boost

Average and median prices of new and existing homes in the Fort Smith/Van Buren markets dropped 5,8 percent and rose 2.6 percent, respectively, between Aug. 4 and Dec. 22.

The overall housing market remains week, with a 14 percent drop in the number of Crawford and Sebastian County homes sold between January and October compared to the same period in 2007.

Figures from the Arkansas Realtors Association show the following:

Fort Smith/Van Buren real estate markets
Average list price of new and existing homes
4 AUG: $203,911
22 DEC: $191,982

Median list price of new and existing homes
4 AUG: $154,000
22 DEC: $149,900

Inventory of new and existing homes
4 AUG: 1,116
22 DEC: 1,058

Statewide, the inventory of new and existing homes dropped from 14,070 in early August to 12,776 by Dec. 22. The more than 9 percent decline in that four-month period is good news for a state working its way through an oversupply of housing.

Building permits

The city of Fort Smith issued 56 building permits for work valued at $4.35 million for the third week of December. Of those, 35 were for residential repairs from remaining damage from April and June storms. The big ticket item was a $3 million permit issued to the Fort Smith Public Schools for work at Cavanaugh Elementary School in south Fort Smith.

For the first three weeks of December, the city has issued 235 permits valued at more than $9.46 million, with 164 of the permits for residential repair. The city issued 158 permits for work valued at $10.8 million for all of December 2007.