October Home Sales Sending Mixed Signals

Arkansas home sales may show a mixed bag in October as central Arkansas saw steady growth in the real estate market, while northwest Arkansas sales stumbled.

Ethan Nobles with First Arkansas News has the housing reports from the two major markets in the state, which often dictate statewide home sales due to their size and influence.

For the fourth month in a row, central Arkansas home sales were on the rise compared to the previous year.  In the market area including Faulkner, Grant, Jefferson, Lonoke, Pulaski, Saline, and White counties, units sold advanced 18.5% during October.

Valuations, or the dollar amount of those home sales, rose by a smaller percentage — just 14.7% — as average home prices were down for the month to about $159,714.

Year-to-date, 2011 home sales in central Arkansas are still down about 5.5% compared to 2010 figures.

In northwest Arkansas, which includes Benton, Carroll, Madison and Washington counties, home sales actually slipped for the first time in 3 months.

Home units sold in the region were down 3.7% from October 2010 and their valuations tumbled 7.3%.  Average home prices slid about 3.7% to $153,014 in October.

Year-to-date, northwest Arkansas home sales are actually up 9% compared to this time last year.  Valuations remain about 2.5% higher for the full year.

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