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August homes sales down in central Arkansas

By: 22 September 2010 4 Comments

Thanks to the fine folks over at Cooperative Arkansas Realtors MLS (CARMLS) and ezMLS, the August housing market report for central Arkansas is ready.

Want a copy? Sure you do! Grab your Excel copy of the August report by clicking here (you’ll find the PDF here).

The long and short of it is this — every county in central Arkansas reported declining sales in August. That should come as a surprise to no one — National Association of Realtors Chief Economist Lawrence Yun said to expect dropping sales after the tax credit credits for first-time and repeat home buyers ended at the end of April.

Buyers were originally instructed to get homes under contract by the end of April and close on them by the end of June to take advantage of the credits (for those keeping score at home, first-time buyers were eligible for up to $8,000 and repeat buyers were entitled to up to $6,500). Sales, then, were strong through June and that is reflected in the year-to-date totals in the aforementioned report — sales are up for the year, but just barely.

By the way, buyers who did get homes under contract by the end of April were given an extension — they’ve got until the end of this month to close on their homes and take advantage of the credits.

Still, most of those tax credit-inspired sales closed by the end of June, thus resulting in declining sales for July and August.

Evidently, a good number of potential buyers stopped purchasing homes when the government stopped giving them money to do so. No surprise there.

About: Ethan C. Nobles:
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.

4 Comments »

  • Karen Crowson said:

    Agreed that the August numbers didn’t fare that well. But, I think that can also be attributed to the extreme heat we’ve experienced. Cooler weather is on the way this weekend just in time for the HOGS to beat Alabama. And…cooler weather will also mean more buyers will be out searching for a GREAT DEAL on a home. If there was ever a time when buyers should be flocking to their local REALTOR now is that time. Property values will not remain at this low price….Interest rates will not remain this low. Now more than ever in my 23 years in this industry is the time Buyers should be making a purchase. The government still has a hand in helping you realize the dream of homeownership. FHA loans only have a 3.5% downpayment and the downpayment can come in the form of a gift from family. Rural development loans are alive and well with NO DOWNPAYMENT. We have several areas of Saline county that qualify for a Rural Development loan.
    Karen Crowson, Managing Broker
    Crye-Leike REALTORS Benton

  • Ethan C. Nobles (author) said:

    Karen:

    KARN called today — covered everything from low interest rates to moderating prices to the availability of Rural Development loans. That ought to do…

    Ethan

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