August homes sales down in central Arkansas
Thanks to the fine folks over at Cooperative Arkansas Realtors MLS (CARMLS) and ezMLS, the August housing market report for central Arkansas is ready.
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.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.