Home Sales Dip Again In August, But Prices Remain Higher

August home sales in Arkansas’ largest metro areas were down more than 8%, and marked three consecutive months of declining home sales in key urban areas of the state.

Northwest Arkansas, where home sales have remained resilient, couldn’t escape the downward pull. August home sales there totaled 572, down 4.8% compared to August 2011.

The overall poor economy, declining consumer confidence and stricter lending controls are blamed for the decline.

There were 1,672 homes sold during August in the four large market areas measured by the The City Wire’s Arkansas Home Sales Report, down 8.93% compared to August 2011, but up 17% compared to August 2010.

Despite the decline in home sale numbers, the value of home sales continues to rise. Combined home sale values in the four markets totaled $289.15 million in August, up 7.6% compared to August 2011 and up an impressive 28.95% compared to August 2010.

The City Wire’s Arkansas Home Sales Report captures home sales data in the state’s 14 most populated counties within the state’s four largest metro areas — Central Arkansas, Fort Smith area, Jonesboro/Northeast Arkansas and Northwest Arkansas.

The report, which records closed sales, accounts for between 70% and 75% of total Arkansas home sales.

During the first eight months of the year, home sales in the four markets totaled 12,238, up just 0.13% compared to the same period in 2011, and down 1.58% compared to the same period in 2010. Between January and June 2012, the number of homes sold in the four market areas were up 2.19% compared to the 2011 period.

Home sale values during the first eight months total $1.989 billion, up 10.15% compared to the same period in 2011, and up 4.97% compared to the 2010 period.

REGIONAL FIGURES (Year-to-date)
Central Arkansas — Home sales
Jan.-Aug. 2012: 5,894
Jan.-Aug. 2011: 5,752
Jan.-Aug. 2010: 6,314

Fort Smith area — Home sales
Jan.-Aug. 2012: 1,081
Jan.-Aug. 2011: 1,159
Jan.-Aug. 2010: 1,218

Jonesboro area — Home sales
Jan.-Aug. 2012: 1,161
Jan.-Aug. 2011: 1,232
Jan.-Aug. 2010: 1,240

Northwest Arkansas — Home sales
Jan.-Aug. 2012: 4,102
Jan.-Aug. 2011: 4,079
Jan.-Aug. 2010: 3,663