The number of homes offered last year, consisting of repo houses for sale, declined in Arkansas. Nevertheless, experts believe that housing sales reports exhibited signs of future improvements for the state's real estate market.
Sales of homes from Jonesboro foreclosure listings and non-foreclosed houses in other areas of the state declined by almost 5% in 2010 compared with 2009 levels, based upon data presented by the Arkansas Realtors Association. The association forecasted last year that home buying activities will decline in the state, observing the expiration of the tax credit program released by the U.S. federal government.
The forecast proved to be true as sales of Arkansas foreclosures and non-foreclosed houses both dipped during the 2nd half of 2010. However, sales data for December 2010 showed some pledge, leading experts to announce that the region's housing market is on its way towards a more balanced condition.
Sales reports for December showed that the number of housing units, consisting of repo houses for sale, that were bought by buyers decreased by less than 1% when compared to the same 2009 month. This, analysts mentioned, showed that the impact of the housing industry crisis on the Arkansas home market is not as bad as it is in other U.S. regions.
The average selling price of single household homes in the state grown by less than 1% in 2010 compared with year-ago levels. Several areas of the state even tape-recorded greater sales numbers in December, with properties under foreclosure checklists and non-foreclosed houses offering well in locations like Benton and Washington.
Real estate system sales jumped by 7.53% in Benton County throughout December 2010 compared with the exact same 2009 month. Washington County taped a boost of 5.26% over the very same duration. Cleburne County, on the other hand, taped the greatest boost in average market price, with rates increasing by 23.88% to $187,200 throughout December 2010 compared to the December 2009 typical rate of $151,111.
Market analysts specified that December sales and costs of homes, consisting of data for repo houses for sale, showed that the Arkansas real estate industry is on the rebound. They included that the development will likely keep on this year as the task market enhances and increasing rental rates encourage more people to buy homes instead.