Arkansas’ large-market home sales fall in April
Monthly homes sales data wasn’t tracked in Arkansas before 2005. April 2012 sales in central Arkansas, the Fort Smith area, the Jonesboro area and northwest Arkansas were lower than any previous April since 2005.
Michael Pakko, chief economist for the University of Arkansas at Little Rock Institute for Economic Advancement and state economic forecaster, said he was surprised by the April numbers but said monthly totals should be taken with a grain of salt.
He said the totals from one month don’t tell us as much about sales trends as year-to-date totals do. There were 1,455 homes sold during April in the four large market areas measured by the The City Wire’s Arkansas Home Sales Report, down 9.01% compared to April 2011 and down almost 30% compared to April 2010. For the year, there were 5,170 homes sold — up 0.29 percent from 5,123 closed sales through the first four months of 2011 and down 8.96 percent from 5,679 closings through April 2010.
The City Wire report covers roughly 70 to 75 percent of sales made in Arkansas by Realtors as it tracks numbers from only the largest markets in the state.
Pakko said the year-to-date growth is in line for the slow, steady increase of sales he’s forecast for the year.
To read the full report, visit The City Wire.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.