UNDATED, AR (KAIT) - The Arkansas Realtors Association reports that almost 15 percent fewer homes were sold in August 2010 vs. 2009. However, average home prices for August 2010 were almost 5 percent higher than one year ago. The average price for a single-family home in Arkansas rose to $152,466 from $145,761 in August 2009. For the year, Arkansas is also experiencing a slight increase in the number of homes sold, home values and average prices.
In commenting on the national home sales numbers for August, Lawrence Yun, National Association of Realtors chief economist, said [nationally] home sales still remain subpar. "The housing market is trying to recover on its own power without the home buyer tax credit. Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty," Yun said.
Yun added, "Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own."