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Central Arkansas homes sales down in September

By: 26 October 2010 One Comment

For the fourth month in a row, the sales of new and existing homes were down in central Arkansas.

There were 527 single-family, residential homes sold by Realtors through multiple listings services in Faulkner, Grant, Lonoke, Perry Pulaski and Saline counties in September — down 33.54 percent from 793 sales in the same month a year ago.

Through September, 6,057 homes were sold in central Arkansas — down 3.29 percent from 6,263 houses sold though the third quarter of 2009.

Valuations — the dollar amount of all homes sold — slipped in central Arkansas in September. During that month, the valuation of sales in central Arkansas came to $88.81 million — down 26.9 percent from $121.51 million a year ago. Through September the valuation of homes sold was $1 billion — down 1.1 percent from $1.01 billion sold in the first nine months of 2009.

Average sales prices continued to rise, however. In September, the average sales price of homes sold in central Arkansas was $168,524, an increase of 10 percent from the average of $161,689 in the same month a year ago.

A PDF copy of the September housing market report is available here, while the PNG is here. The data is courtesy of Cooperative Arkansas Realtors MLS (CARMLS) and ezMLS.

As expected, those tax credits that boosted sales throughout the first few months of the year are also largely responsible for the current declines. The credits for first-time and repeat buyers expired at the end of April and sales have dropped off since then.

Meanwhile, the National Association of Realtors reports that sales of existing homes were up in September compared to the previous month, but still lagging behind sales in the same month a year ago.

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

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