Thursday, January 26, 2012
Real estate Housing prices up: Correction
Posted by Leslie Newell Peacock on Thu, Jan 26, 2012 at 9:17 AM
Arkansas realtors say sales indicate a "possible recovery" in the housing market: Average December existing home prices rose by 5 2 percent [corrected by Realtors Association] over December 2010, from $144,842 to $152,403, the Arkansas Realtors Association announced this morning.
In the 42 counties the association measures, however, sales were down 6 percent in December 2011 (1,785) compared to December 2010 (1,903).
Release on jump.
LITTLE ROCK (January 26, 2011) - The Arkansas REALTORS® Association, the voice of real estate in Arkansas, announced that existing-home prices rose for the fourth month in December. Average prices of homes in the 42 county area monitored by the Association increased 2 percent from $144,842 in December 2010 to $147,795 in 2011. (Washington County’s numbers were miscalculated). This also changes the top 5 counties with highest average prices and the valuation totals for the top five markets.
The number of units sold in December decreased 6 percent from 1,903 in December 2010 to 1,785 for the same month in 2011.
For the year, the number of home sold as compared to 2010 decreased less than 1 percent while average prices decreased slightly more than 1 percent.
“We find these to be very encouraging numbers and early signs of a possible recovery in the housing market," said Amy Glover Bryant, Director of Communications for the Association. "What is important to sustain this recovery are continuing low mortgage interest rates, job creation and a renaissance in American's belief that the American Dream of home ownership is still possible for them. More buyers coming into the market mean additional benefits for the overall economy in Arkansas. A typical home sale pumps a total of $60,000 into the economy over time because when a house sells, jobs are created. The importance of the housing market in relation to our state’s well-being couldn’t be more evident than it is right now."
“We would describe 2011 as a rebuilding year, as well as one full of tremendous achievements,” said Dana Powell, 2012 President of the Arkansas Realtors®Association. “The market is showing signs of improvement, and more than ever, people aspire to become homeowners. Throughout the past year Realtors® have worked hard to make sure everyone who is willing and able to assume the responsibilities of owning a home should have the opportunity to pursue that dream.”
Excel and pdf versions of the December report can be found on the Arkansas REALTORS® Association website at http://www.arkansasrealtors.com/news-events/housing-market-reports
For information on national numbers from the National Association of REALTORS®, please visit http://www.realtor.org/press_room/news_releases/2012/01/ehs_dec
For more information, contact Glover Bryant at the Association at 501.225.2020 or on her wireless at 501.786.9415.
Comments (6)
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Relying on information of this nature from realtors is the same as getting a report on the henhouse from the fox association.... and asking folk to take it seriously.
But then, we have never read reports on Dustin McDaniels and his role with other state AG's on covering up MBS, fraudclosures, robo signing etc.
http://www.nakedcapitalism.com/2012/01/more-caution-and-skepticism-about-federal-mortgage-investigation.html
Statistics challenged tout there.
The Average Price of homes sold increased doesn't equal Average Value of homes increased.
As we have seen across the economy the wealthy have not been hit so as the shrinking middle class families are buying less which skews the average price.
6% less homes sold but price up 5% says top heavy mansions more than made up for the dropping over all sales but actual total dollars or sales must have DROPPED 1%.
My kind of "improvement".
Citizen1 since we have a 1%er/trickle-down economy recovery always shows up first in their buying-spending choices.
Before the masses headed to Las Vegas the town's receipts became a leading indicator of any recessionary recovery.
Watch sales of luxury vehicles, private jets, yachts, etc or better yet, watch the registration of them since many sales will be abroad where prices remain low.
Walmart had slightly better Xmas in '11 than in '10. Chickenopolis' tax receipts were up for Nov, first time in four years.
If you want to know the truth about housing recovery just ask someone trying to sell their home.
Anecdotal evidence doesn't mean much. Have a friend who listed her house. Next day agent brought prospective buyer. Buyer liked house, bought it at asking price, and bought the furniture.
That one "miracle sale" does not really indicate, or even suggest, a recovery in the housing market!
IMHO
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