Posted 3/17/2014 12:00 am
Updated 7 months ago
Home prices in Arkansas rose 0.2 percent in 2013, according to data from the Federal Housing Finance Agency. The rate for the United States as a whole was 7.8 percent.
The information was gathered by Michael Pakko, the state economic forecaster and an adjunct professor at the University of Arkansas at Little Rock’s College of Business, and recently presented on his ArkansasEconomist.com blog.
“The relatively slow rate of appreciation in Arkansas is not surprising,” Pakko said. “During the house price collapse of 2007-2011, prices in Arkansas did not fall nearly as far or as fast as the national average — hence, we are experiencing a smaller bounce-back.”
The performance of house prices has varied among metropolitan areas in Arkansas, Pakko noted. For example, prices in the Fayetteville metro area posted the biggest increase during 2013, 4.4 percent, but were still down 7.9 percent when compared with 2008.
Meanwhile, “House prices in Texarkana were down slightly for the year, but that change represents only a modest setback in an otherwise increasing trend,” he said.