Home Sales Tumble In April In State’s Biggest Markets

Home sales in Arkansas' four largest metropolitan regions tumbled 9% during April versus the previous year. Compared to 2010, April home sales dropped a whopping 30%.

Still, the one-month drop hasn't wiped out year-long gains, although it shrunk them considerably.

According to The City Wire’s Arkansas Home Sales Report, there were 1,455 homes sold during April in the four largest urban markets. The combined value of homes sold during the month totaled $234.692 million, up 1.66% compared to April 2011, and down 23.66% compared to April 2010.

The City Wire’s Arkansas Home Sales Report captures home sales data in the state’s 14 most populated counties among the state’s four largest metro areas contained primarily within the state — 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.

Dr. Michael Pakko, economist at UALR's Institute of Economic Advancement, said he thinks the April numbers may be an anomaly.

“It’s good practice to take one month’s observations with a grain of salt,” he said.

Year-to-

date, home sales in the four major areas are still up 0.92%.

The combined value of homes sold in the reporting area during the first four months of 2012 totaled $805.938 million, up 7.85% compared to the 2011 period and up 1.54% compared to the 2010 period. The average price for homes sold during the first four months in the four markets was $155,887, up 6.87% compared to the 2011 period and up 11.54% compared to the 2010 period.

REGIONAL FIGURES
Central Arkansas — Home sales
Jan.-April 2012: 2,483
Jan.-April 2011: 2,374
Jan.-April 2010: 2,897

Fort Smith area — Home sales
Jan.-April 2012: 482
Jan.-April 2011: 498
Jan.-April 2010: 574

Jonesboro area — Home sales
Jan.-April 2012: 499
Jan.-April 2011: 564
Jan.-April 2010: 590

Northwest Arkansas — Home sales
Jan.-April 2012: 1,706
Jan.-April 2011: 1,687
Jan.-April 2010: 1,618

You can read more market-by-market analysis courtesy of The City Wire at this link.