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Central Arkansas homes sales up in October

By: 26 November 2011 2 Comments

For the fourth month in a row, homes sales increased in the expanded central Arkansas area.

For the purposes of this report, the central Arkansas market includes Faulkner, Grant, Lonoke, Pulaski and Saline counties (which are located in the Little Rock-North Little Rock-Conway Metropolitan Statistical Area) and the nearby Jefferson and White counties. Why add in a couple of neighboring counties? Simply put, the markets in Jefferson and White counties are closely connected to those in the traditionally defined MSA. In the expanded market, sales were finalized on 655 single-family residences in October, up 11.77 percent from 586 sales in the same month a year ago.

For a look at the complete report covering October and year-to-date sales, click here for the Microsoft Excel file or here for the PDF. The reports cover sales of new and existing homes made by Realtors through Cooperative Arkansas MLS (CARMLS).

The report shows, once again, that buyers are still out bargain shopping. The average sales price in October was $157,143 — down 6.51 percent from $167,446 in the same month last year. Over the past year, the average price per square foot in the market fell 4.38 percent to $72.05 and sellers typically realized 96.21 percent of their list prices.

Mortgage rates have also been a factor driving homes sales, which have remained below 4.5 percent around the nation consistently for the past few months.

The northwest Arkansas housing market report is available here.

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

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