The housing market was down across the three major categories — homes sold, home valuations and average price — in August compared to a year ago, according to the Arkansas Realtors Association.
Across the state, the number of home sold was down 3.44 percent to 2,722, compared to 2,819 units sold a year ago. In the top five markets, sales were down 4.38 percent to 1,463, compared to 1,530 units last August.
More: Read the entire August report here (PDF).
Of the top five counties, Pulaski was the only not to see a decrease from last year. Pulaski County saw the second-most homes sold, 429, in August, which was up six homes from last year.
Benton County saw the most homes sold with 477, however, it was down 5.36 percent from 504 homes sold last August.
Washington (5.5 percent), Saline (9.8 percent) and Garland (9.33 percent) counties also saw decreases.
Home valuations were down 6.49 percent across the state to $433.3 million. Benton County had the highest valuation at $98.8 million, which was up 0.23 percent from a year ago. Benton County was the only in the top five markets to see an increase from last year.
As a whole, the top five markets were down 6.28 percent to $270.7 million. Pulaski ($74.8 million), Washington ($48.0 million), Saline ($25.9 million) and Garland ($22.8 million) counties followed.
Garland County saw the largest drop off from last year, down 12.78 percent from $26.2 million last August.
Benton County also led the way in average home price in August at $207,320. That was up 5.91 percent from $195,755 a year ago.
Saline County, which was second at $177,976, was the only other county in the top five markets to see an increase, 7.77 percent, from last year.
Of the top five markets, Pulaski County saw the sharpest decline, down 11.11 percent to $174,555.
Benton, Pulaski Counties Lead YTD Categories
In all three year-to-date categories, Benton and Pulaski counties rank Nos. 1 and 2.
Pulaski County leads the way in most homes sold with 3,171, followed by Benton County with 3,125 homes sold.
Benton County leads the home valuations category, at $603.6 million, and the average home price category, at $193,176. Pulaski County follows in the valuation category at $582.0 million and in average home price at $183,555.
Units Sold, Home Valuations Up for the Year
While the month of August was rough for all three major categories, in year-to-date numbers, the number of homes sold and home valuations are up.
So far in 2014, there have been 19,271 homes sold, which is up 5.08 percent from 18,339 at this point in 2013. In the top five markets, homes sales are up 1.30 percent to 10,179, compared to 10,048 a year ago.
Home valuations are up 2.26 percent across the state, compared to numbers from a year ago, while home valuations in the top five markets are up 1.65 percent.
Average home prices are down across the state in the year-to-date totals, coming in at $155,323 compared to $159,615 a year ago.