Fort Smith metro home sales up almost 9% through April

by Michael Tilley ([email protected]) 312 views 

Fort Smith metro home sales were unchanged in the first four months of 2024 compared with the same period in 2023, but the value of home sales in the period were up 8.6% thanks to large gains in Crawford and Sebastian counties.

There were 1,001 homes sold in the metro in the first four months of 2024, the same number in the same period of 2023, according to data provided by Ashlee Milton, an executive broker with Chuck Fawcett Realty in Fort Smith and Northwest Arkansas.

The value of metro homes sold in the period was $220.971 million, up 8.6% compared with the same period in 2023.

The average home sales price in the metro during January and April was $220,751, well above the $203,408 in the same period of 2023. Days on market in the first four months was 87, above the 77 in the same period of 2023.

The metro ended 2023 with a 14.5% decline in home sales and a 12% decline in the value of home sales.

INTEREST RATES
Higher interest rates continue to be a headwind for the home sales sector. Pending home sales in April fell 7.7%, with all four U.S. regions posting month-over-month and year-over-year decreases, according to the National Association of Realtors.

The 30-year fixed rate mortgage average at the end of May was 7.03%, up from 6.79% in the same period of 2023, and well above the 2.99% in the same period of 2021, according to Freddie Mac. The 15-year fixed rate mortgage average at the end of May was 6.36%, up from 6.24% in the same period of 2023, and also well above the 2.27% in the same period of 2021.

“Following several weeks of decline, mortgage rates changed course this week,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “More hawkish commentary about inflation and tepid demand for longer-dated Treasury auctions caused market yields to rise across the board. This reality, as well as economic signals that have moved sideways over the last few weeks, have resulted in mortgage rates drifting higher as markets continue to dial back expectations of interest rate cuts.”

SEBASTIAN, CRAWFORD COUNTY SALES
Home sales in Sebastian County in January and April totaled 497, above the 414 in the same period of 2023. Home sales in the county represent 44.7% of homes sold in the metro.

The value of homes sold was $105.133 million in in January and April, 19.2% above the $88.227 million in the same period of 2023. The average home sales price was $235,198, above the $210,566 in the first four months of 2023. Average days on market during the 2024 period was 86, above the 74 in 2022.

Home sales in Crawford County in January and April was 218, above the 195 during the same period of 2023. Home sales in the county represent 21.8% of homes sold in the metro.

The value of homes sold was $47.657 million in January and April, also 19.2% above the $39.986 million in the same period of 2023. The average home sales price was $218,613, above the $205,060 in 2022. Average days on market was 76, above the 70 in the first four months of 2023.

Metro area data comes from Crawford, Franklin, Logan, Scott and Sebastian counties in Arkansas, and parts of eastern Oklahoma.

METRO HOME SALES NUMBERS
• Fort Smith Region (Crawford, Franklin, Logan, Scott and Sebastian counties, and areas of eastern Oklahoma)
January-April 2024
Homes sold: 1,001
Value of home sales: $220.971 million
Average price: $220,751

January-April 2023
Homes sold: 1,001
Value of home sales: $203.408 million
Average price: $203,205

• Sebastian County
January-April 2024
Homes sold: 447
Value of home sales: $105.133 million
Average price: $235,198

January-April 2023
Homes sold: 419
Value of home sales: $88.227 million
Average price: $205,060

• Crawford County
January-April 2024
Homes sold: 218
Value of home sales: $47.657 million
Average price: $218,613

January-April 2023
Homes sold: 195
Value of home sales: $39.986 million
Average price: $205,060