Arkansas Home Sales Report: July sales slow, but year-to-date numbers up 10%

Arkansas home sales in July slowed from the more than 13% pace set through June, but the market is still hot and likely to continue in 2016 on the path to break records.

The number of homes sold in Arkansas’ four large markets totaled 15,033 in the first seven months of 2016, up 10.08% compared to the same period in 2015. The seven-month tally was above the pre-recession 2005 high when 14,545 homes were sold in the seven-month period.

The combined value of homes sold in the January-July period was $2.699 billion, up 14.36% compared to the same period in 2015 and up 30.27% compared to the same period in 2014, according to the Arkansas Home Sales Report.

The Arkansas Home Sales Report captures home sales data in the state’s 14 most populated counties within its four largest metro areas – Central Arkansas, the 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. The report is produced by Talk Business & Politics and is sponsored by El Dorado-based Deltic Timber and Lowell-based Arvest Bank.

Sales price per home in the first six months averaged out at $179,561, up 3.89% compared to the same period in 2015 and up 8.94% compared to the same period in 2014. The average price per home sold ranges from $211,173 in Northwest Arkansas to $139,617 in the Fort Smith metro.

The January-July 2016 home sales were up 6.94% in central Arkansas, up 2.12% in the Fort Smith metro, up 7.98% in the Jonesboro metro and up 16.86% in Northwest Arkansas. Benton County in Northwest Arkansas and Pulaski County in central Arkansas continue to be the state’s busiest in terms of home sales. Of the 15,033 home sales in the January-July period, 6,765, or 45%, were in the two counties.

The value of home sales for the first seven months was up 7.2% in central Arkansas ($1.152 billion), up 4.66% in the Fort Smith metro ($168.378 million), up 14.07% in the Jonesboro metro ($205.718 million), and up 24.22% in Northwest Arkansas ($1.172 billion).

JULY SALES ALMOST FLAT WITH JULY 2015
Home sales in Arkansas’ four largest markets totaled 2,399 in July, up just 0.59% compared to July 2015 and up 9.89% compared to July 2014. The central Arkansas and Fort Smith markets posted unit sales declines in July.

The value of combined July home sales in the four markets was $440.537 million, up 1.73% compared to July 2015 and up 15.49% against July 2014. The average home price in July in the four markets was $183,634, up 1.14% compared to July 2015.

The average days on market in July was 73.05, down from 80.21 in July 2015 and down from 85.8 in July 2014.

The July 2016 home sales were up 5.78% in central Arkansas, up 5.5% in the Fort Smith metro, down 6.3% in the Jonesboro metro and up 26.08% in Northwest Arkansas.

The value of July home sales were down 11.43% in central Arkansas ($176.904 million), down 0.01% in the Fort Smith metro ($25.695 million), up 21.33% in the Jonesboro metro ($37.444 million), and up 13.44% in Northwest Arkansas ($200.492 million).

THE REGIONAL PICTURE: January-July 2016
Central Arkansas — Home sales
Jan.-July 2016: 6,812
Jan.-July 2015: 6,370
Jan.-July 2014: 5,981

Fort Smith area — Home sales
Jan.-July 2016: 1,206
Jan.-July 2015: 1,181
Jan.-July 2014: 1,144

Jonesboro area — Home sales
Jan.-July 2016: 1,462
Jan.-July 2015: 1,364
Jan.-July 2014: 1,294

Northwest Arkansas — Home sales
Jan.-July 2016: 5,553
Jan.-July 2015: 4,752
Jan.-July 2014: 4,153

The top five counties in terms of January-July 2016 home sales:
Benton — 3,466, up compared to 2,989 in January-July 2015
Pulaski — 3,299, up compared to 2,912 in January-July 2015
Washington — 2,087, up compared to 1,763 in January-July 2015
Craighead — 1,183, up compared to 1,113 in January-July 2015
Saline — 1,055, down compared to 1,072 in January-July 2015

Link here for a PDF document of the July 2016 data.

THE 2015 PICTURE
Home sales in Arkansas’ four largest markets were up almost 10% in 2015, and marked five consecutive years of gains in the number of homes sold and four consecutive years of gains in the total value of the homes sold.

Home sales in Arkansas’ four largest markets totaled 24,125 in 2015, up 9.86% compared to 2014 and up 14.6% compared to 2013. The 2015 gains were driven by a a double-digit annual gain in Northwest Arkansas.

2015 home sales were up 8.66% in central Arkansas, up 6.22% in the Fort Smith metro, up 3.57% in the Jonesboro metro and up 14.7% in Northwest Arkansas.

The value of home sales was up 11.62% in central Arkansas ($1.832 billion), up 8.66% in the Fort Smith metro ($312.801 million), up 11.14% in the Jonesboro metro ($316.576 million), and up 13.55% in Northwest Arkansas ($1.573 billion).