Arkansas Home Prices Rose Modestly in 2013
by March 17, 2014 12:00 am 72 views
Home prices in Arkansas rose modestly during 2013, according to data from the Federal Housing Finance Authority.
From the fourth quarter of 2012 through the fourth quarter of 2013, the FHFA Expanded Data Index shows a seasonally adjusted appreciation rate of 0.2 percent. The rate of appreciation for home prices in the United States was 7.8 percent.
All of the gain in Arkansas home prices can be attributed to a 1.3 percent increase in the first quarter of the year.
Prices declined 0.9 percent in the fourth quarter, following modest declines in the second and third quarters.
Michael Pakko, chief economist for the Institute for Economic Advancement at the University of Arkansas at Little Rock, said the relatively slow rate of appreciation in Arkansas is not surprising.
“During the house price collapse of 2007-11, prices in Arkansas did not fall nearly as far or as fast as the national average,” Pakko wrote in a report published at the website ArkansasEconomist.com. “Hence, we are experiencing a smaller bounce-back.”
Home prices in the Fayetteville metro area saw the largest increase during 2013 as its market recovered from the steepest price decline in the state during the 2007-11 decline.