Realtors: Average Home Price Up in January But Fewer Homes Sold

by Mark Carter  on Monday, Mar. 5, 2012 12:28 pm  

(Note: A correction was made to this story after the Arkansas Realtors Association revised numbers it released earlier Monday.)

Fewer Arkansas homes were sold in January, but the average home price rose 7.7 percent over the previous year, according to data released Monday by the Arkansas Realtors Association.

(Check out the full report for January in PDF or Excel form here.)

The group said the average price of existing homes rose to $148,428 in January in its 42-county survey area. Meanwhile, the number of homes sold compared to a year ago dropped 1.1 percent. But the group saw that as positive news.

"This is a great way to start 2012. In our opinion, these numbers reflect that there are fewer units on the market and as a result of this reduced inventory we are experiencing a higher price per sale," said ARA communications director Amy Glover Bryant in a news release.

"This is great news for sellers, and we look forward to watching what 2012 has to offer the real estate market."

Of the state's top five markets, only Pulaski (14.4 percent) and Garland (2.6 percent) counties saw an increase in units sold January 2011 to January 2012.

Benton (1.5 percent), Washington (9.2 percent) and Craighead (19.54 percent) saw decreases.

According to the ARA report, the national median price for existing homes in January was $154,700, down 2 percent.

The median price in the South was down 0.3 percent to $134,800, while home sales in the South rose 3.5 percent.

 

 

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?