Aug 18 2008
Average/median list prices and inventories for Aug. 18
This week we’ve seen both the number of homes for sale and average list prices increase in the four Arkansas markets covered in a weekly report prepared and distributed by the Arkansas Realtors® Association.
The weekly average/median list prices and inventories report doesn’t cover every housing market in the state — just four of them that, taken together, fairly represent trends throughout Arkansas. Northwest Arkansas includes only Benton and Washington counties, whereas central Arkansas includes the six counties that make up the Little Rock-North Little Rock Metropolitan Statistical Area — Faulkner, Grant, Lonoke, Perry, Pulaski and Saline counties. The Jonesboro Market covers Craighead County in northeast Arkansas and the Fort Smith/Van Buren market includes Crawford and Sebastian counties in west Arkansas.
To take a look at the Aug. 18 report, click here for a PDF of the document that contains three months worth of market data from the four areas covered. To look at a graphic that shows trends in inventories (homes for sale) and average prices, either click on the above graphic to expand it or download a PDF of the chart right here.
Inventories for Aug. 18 are up a bit over the previous week and it’s worth pointing out that list prices in northwest Arkansas — which have declined steadily over the past three months — have picked up a bit and inventory has remained relatively flat over the prior week. Inventories in central Arkansas, meanwhile, increased slightly over the previous week while prices declined a bit. Inventories in the Fort Smith/Van Buren area, meanwhile, declined very slightly and prices were virtually unchanged from the previous week.
In the Jonesboro area — one of the more consistent and stable markets in the state — inventories were absolutely flat compared to the previous week while list prices declined substantially by $2,350.
Taken together, the trend established by all four markets showed increasing inventories and prices compared to the previous week. However, the trend over three months suggests both declining inventories and prices which is what one might expect in a market that is going through a correction. There are some signs that prices are stabilizing a bit, but we’re not in the crystal ball business and will not predict whether average list prices will continue to fall.
