Northwest Arkansas homes sales down in October
Sales closed on 438 homes in the region in October, down 3.74 percent from 455 sales in the same month last year. However, 5,219 homes were sold through October, an increase of 9.02 percent over 4,787 homes sold through the first 10 months of 2010. The average sales price was $153,014 in October, down 3.76 percent from $158,996 in the same month last year but still ahead of the year-to-date average of $157,902.
The average days on market — the amount of time homes generally spent between the time they were listed and the time sales on them were final — was 164, up 10.07 percent from 149 days in October 2010 and up from 155 days through October this year.
Eric Harris, an agent with Weichert Realtors — Downum Group in Springdale, said the current market is quite good for people looking to buy homes.
“The number of homes sold was actually down in October 2011 as compared to 2010 but year to date overall sales were reported higher by nearly 10 percent. “The average price sold was lower year over year showing that the prices of homes is still at or near its lowest levels.
“My message continues to be one that it is a great time to buy with mortgage rates still at low levels and home prices at lower levels.”
Harris suggested sellers worried about declining prices should be encouraged by the fact that the market works to their advantage when they purchase homes. Homeowners who sell their houses generally buy new homes in which to live — that “declining price” metric that may discourage people on the selling side is mighty attractive to those in a position to buy homes.
As for interest rates, Freddie Mac reported that the average interest on a 30-year mortgage hit fell to 3.98 percent last week. That’s the lowest rate reported in the 60 years that long-term rates have been tracked.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.