Home sales in Arkansas increased by more than 10 percent while the average price of those homes sold increased by more than three percent in May, according to a report Tuesday by the Arkansas Realtors Association.
The report said the average price of homes sold in the 43-county area surveyed by the association increased from $160,450 in May 2014 to $165,352 in May 2015.
Realtor Karen Crowson works in Pulaski and Saline counties and said her office experienced a 25 percent increase in sales compared to May 2014.
“I think we’re finally starting to see property values return to where they should have been,” Crowson said. “We’re starting to see an increase in those values of existing home sales as well as new construction going up.”
The report also showed statewide valuations in May up by more than 14 percent from last year.
There were a total of 2,953 residential units sold in May; Pulaski County topped the list at 520 units sold and Benton County was close behind at 504.
Year to date, Benton County has sold 1,962 units, up 12.18 percent from 2014. Year to date in all 43 counties, there has been a 9.62 percent increase in residential units sold from 2014-2015.
The average price of homes sold in Pulaski County was $199,908, putting the county at No. 2 for the highest average selling prices for May. Garland County’s average sale price was $209,482, up nearly 15 percent from its average in May 2014.
“I think that we’re going to see a continued, steady rise in home values,” Crowson said. “It’s been awhile, especially for Arkansas. Other parts of the country had already seen property values start to increase. In certain areas of our state — specifically central Arkansas where I am — we had not seen that start to happen as quickly as we thought it would after 2007. So we’re now starting to see that steady incline.”
Year to date, average price of units sold increased by 5 percent statewide, from $150,725 to $158,382.
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