August 15, 2006 - Posted at 6:06 p.m. CDT
JONESBORO, AR -- Arizona, Florida, California and Virginia... four of the largest states in the country that all saw a dramatic decrease in home sales during the spring. However, Arkansas didn't follow the trend and in fact, had the second highest increase in home sales nationwide.
It's a trend that is also reflected here locally in Northeast Arkansas. And whether you are a buyer or a seller, every one stands to benefit in the Arkansas housing market.
"I consider it everybody's market," said Crye Leike realtor Felicia Johnson.
According to the National Association of Realtors, Arkansas had the second highest increase in home sales during the spring with an astounding 17.9%.
"We probably have a 60-90 day selling period, we would like to sell them quicker than that but of course with so many, it's a little slower," said Johnson.
Currently the Jonesboro area has over 1100 homes on the market and while interest rates have been on the rise, Johnson doesn't believe the higher rates will slow home sales.
"I still think we will be fine because it is still pretty low compared probably from when our parents were in the housing market, so i think we are still on target," said Johnson.
While Arkansas is seeing a double digit increase in home sales, 28 other states across the country are actually on the decline which leads one to ask why is Arkansas housing market in a boom?
"Manufacturing," answered Johnson, "We are getting some great plants especially here in Northeastern Arkansas. We have great schools, universities, shopping all of that combines to make a great housing market for Arkansas."
The National Association of Realtors reports that areas like Region 8 that have healthy job growth and a surplus of mid range homes are seeing these increases.
"Right now I believe you are seeing moderate homes around $150,000 to $200,000 selling very well," said Johnson.
Typically the summer months are slower for home sales, but once the temperatures start to cool the home sales should heat up.
"It has slowed a little bit, but as the fall is coming in we are picking up," said Johnson.