Regions Residential Real Estate Healthy

The residential real estate market in Benton and Washington counties continues to show significant signs of health in terms of building permits, sales and property values, according to the Skyline Report issued today by the University of Arkansas.

The report, sponsored by Arvest Bank and conducted by the Center for Business and Economic Research at the Sam M. Walton College of Business, measured the market through the first half of 2013.

Compared to the same time period last year, the total value of building permits was up, with Bentonville and Rogers showing the most activity. Houses in active subdivisions also continue to sell, increasing the occupancy rate in Fayetteville, Springdale, Rogers and Bentonville.

“We continue to see strong sold prices and building permit values and increased building activity across Benton and Washington counties,” said economist Kathy Deck, lead researcher for the Skyline Report.

In the first half of 2013, 1,149 permits were issued in the two-county area, as compared to 880 in 2012, for an increase of 30.6 percent. The value was up, too, with the 2013 total average value of $233,539 reflecting an increase of 1.5 percent over the total average value of $230,079 the year before.

In the first half of 2013, there were 3,051 houses sold in Benton and Washington counties, for an increase of 14.3 percent over last year’s first-half total of 2,669.

“There is nothing we have noted that is causing any major concern about the rate of growth at this time,” Deck said. “We are seeing employment increases and, with interest rates expected to increase in the near future, we are right where the growth needs to be.”