Fort Smith area home prices up in January-June period

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The Fort Smith region was the only metro area among Arkansas’ top three metro areas to see an increase in the average home price between January and June, according to figures from the Arkansas Realtors Association.

The average list price of new and existing homes in Crawford, Franklin and Sebastian counties on July 5 was $187,953, 2.4% higher than the average list price of $183,535 on Jan. 4.

The average list price in Northwest Arkansas stood at $223,006 as of July 5, down 3.4% from Jan. 4, and the average price in central Arkansas was $218,690, down 2.1% from Jan. 4. Statewide, the average list price fell 1.8% from $220,697 on Jan. 4 to $216,678 on July 5.

The inventory of new and existing homes for sale has grown in all regions of the state during the first half of 2010. The ARA reported 13,392 homes for sale as of July 5, up 21.2% compared tot he 11,044 as of Jan. 4.

In the Fort Smith metro area, the inventory level grew 18.3% from 1,182 on Jan. 4 to 1,399 on July 5. Central Arkansas inventory grew 24.8% (4,402 to 5,494) and Northwest Arkansas posted a 20.2% inventory increase (4,851 to 5,832).

Following the near collapse of housing sales in major markets in the U.S. and Arkansas, housing sector watchers keep a close on on the relationship between housing inventory and price.

The number of new and existing homes sold in the January-May 2010 period in Crawford, Franklin and Sebastian counties totaled 805, up 6.2% over the same period in 2009. The value of those homes sold in the period totaled $98.746 million, up 8.8% compared to the 2009 period, according to an ARA report released July 1.

January-May home sales in Arkansas totaled 10,086, up 13.39% over the 2009 period. The value of homes sold January-May totals $1.429 billion, up 13.43% compared to the 2009 period.

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