Housing prices up: Correction | Arkansas Blog

Thursday, January 26, 2012

Housing prices up: Correction

Posted By 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.

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