Home sales in Arkansas dropped by 21 percent in September compared to the same month last year, when homebuyers rushed to meet the deadline for a new tax credit for first-time homebuyers.
Click here to see the full Arkansas Realtors Association report, issued Thursday.
In September 2009, Arkansas home sales increased by 9.8 percent. Those gains were driven by the first-time homebuyer tax credit, as people rushed to buy homes and close on them by a Nov. 30 deadline. That deadline was later extended, and the tax credit program expanded into the first half of 2010.
Among the top five counties for home sales in September 2010, only one, Garland, showed an increase in home sales compared to September 2009. Sales in Garland County were up 2 percent, with 99 homes sold.
Among the other top counties, Pulaski sold the most homes but saw the biggest sales decline, down 27 percent with 285 homes sold. Benton County logged 272 home sales, down 13 percent from last year. Washington County home sales were down 20 percent with 173 homes sold.
The statewide average sale price rose, however, up 3.6 percent to $145,670. In Pulaski County, the average rose 9 percent to $180,246.