The latest statistics from the Arkansas Realtors Association show that March was a rough month as year-over-year home sales fell nearly 15%.
For the first quarter of 2011, statewide home sales have fallen 6.2%.
“These reports reflect that Arkansas home sales appear to be on something of a roller coaster ride since the ending of the first time home buyer’s tax credit last year," said Amy Glover Bryant, Director of Communications for the ARA. "It is challenging to compete with a time period when home buyers were being encouraged to purchase using the tax credit. After speaking with realtors around the state over the last few days, I anticipate this volatility may continue well in to the summer."
Home sales were up a surprising 14.6% in January. They dipped 5.8% in February in advance of March’s slumping numbers.
While unit sales dropped 15%, the valuation of those home purchases was only off 14.1% during the month. The reason, in part, is that average home prices continue to rise.
In March, average prices were up 1% to $140,359. Year-to-date, average home prices have risen 2% to trend at $138,819.
You can read the full report from the ARA at this link.