by Lee Hogan
Posted 6/27/2014 11:26 am
Updated 3 months ago
Home sales and valuations were up in May, while the average price was down slightly compared to a year ago, according to the most recent numbers from the Arkansas Realtors Association.
More: Click here to view full report (PDF)
The May report, which only includes properties sold by members of ARA, shows home sales were up 5.4 percent compared to the same month in 2013. There were 2,666 homes sold in this year compared to 2,521 in May 2013.
Home valuations were up more than $19 million from $407 million a year ago.
Average home prices were down more than $1,300 from last May. Still, the average price from May 2014, $160,450, was more than $10,000 above the previous high this year.
Pulaski County was the top-performing county in homes sold, valuations and average home price. It was followed in all three rankings by Benton and Washington counties.
Home sales in 2014 have continually outpaced totals from the first five months of 2013, except March when 2,182 homes were sold in both years.
Home sales in each month of 2014 have also been among the highest totals for the month in the past five years. According to Arkansas Realtors Association numbers, home sales in January and February were the highest in five years with 1,597 and 1,793 homes sold, respectively.
Totals in March, April and May have been second only to home sales in those months from 2010.
When looking at five-month totals from the association, 2014 has seen the most home sales since 2009 with 10,663 so far. The next-closest total is 10,310 through May in 2010.
Pulaski County led the way in May with 483 homes sold. It was followed by Benton, 440, Washington, 215, Saline, 158, and Sebastian, 143, counties. Overall, there were 1,439 homes sold in the top five markets in May. That was 103 more homes than was sold a year ago. It was also a five-year high for homes sold in May.
Home valuations were up more than $19 million in May compared to totals from a year ago. This year's homes weighed in at $427 million.
Percentage wise, statewide valuations were up 4.6 percent from $407 million in May 2013.
Pulaski County had the highest valuation at $98 million. It was followed by Benton, $85 million, Washington, $40 million, Saline, $26 million, and Garland, $20 million, counties.
Valuations in 2014 have been consistently near the top when looking at monthly totals since 2009. So far, three months in 2014 have set five-year highs in valuations, including May. Other months were January, $232 million, and February, $263 million.
Totals in March, $319 million, and April, $364 million, were both the second-highest total for that month since 2009.
When looking at monthly averages of home valuations from 2010 to 2013 compared to valuations in 2014, this year has vastly outperformed.
Home Prices Down
While home prices were at the highest level for the year in May, the month's average was down $1,300 from a year ago.
Still, the average home price in May, $160,450, was the second-highest price in May in the past five years.
Pulaski County had the highest average home price at more than $204,300. It was followed by Benton, $195,325, Washington, $186,870, Garland, $182,370, and Carroll, $167,594, counties.