Area home prices increase, Fort Smith building permits off to slow start

Average and median prices of new and existing homes in the Fort Smith/Van Buren markets dropped 3.6 percent and rose 0.5 percent, respectively, between Aug. 4 and Dec. 8.

The December figures from the Arkansas Realtors Association showed an increase in average list prices and median list prices compared to the trend seen August-November.

The overall housing market remains week, with a 13 percent drop in the number of Crawford and Sebastian County homes sold between January and September 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
8 DEC: $196,465

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

Inventory of new and existing homes
4 AUG: 1,116
8 DEC: 1,037

Statewide, the inventory of new and existing homes dropped from 14,070 in early August to 12,933 by Dec. 8. The more than 8 percent decline in that four-month period is good news for a state working its way through an oversupply of housing.

In Northwest Arkansas, average list prices of new and existing homes fell from $237,943 in early August to $233,672 by Dec. 8, a 1.7 percent drop. The inventory of homes in that overbuilt housing market has dropped 10.8 percent from 6,767 on Aug. 4 to 6,030 by Dec. 8.

The city of Fort Smith issued 88 building permits for work valued at $1.58 million for the first week of December. Of those, 58 were for residential repairs from remaining damage from April and June storms. The city issued 158 permits for work valued at $10.8 million for all of December 2007.