Arkansas News Bureau
LITTLE ROCK — Home sales in Arkansas improved in October from the same month a year ago for just the third time in 45 months, according to a report today from the Arkansas Realtors Association.
Across the state, 2,332 homes sold in October compared to 1,879 a year earlier, a 24.11 percent increase, a jump attributed to a rush to take advantage of an expiring tax credit.
“This is the result of everybody going out to buy a house in October,” said association spokesman Ethan Nobles, noting that a federal tax credit for first-time homebuyers was originally scheduled to end Nov. 30. In early November, the government expanded the program and extended the deadline to April 30.
“Hopefully, they trend will continue,” Nobles said.
On the association’s blog, Nobles also said another factor for the October improvement was low interest rates. The average national rate on a 30-year, fixed-interest mortgage is 4.7 percent and rates remained below 5 percent throughout October.
“Buyers certainly took notice of those low rates and purchased homes accordingly,” he said.
The total value of homes sold in October was $324.5 million, up 20.36 percent from $269.9 million in October 2008, though the average sales price fell 3.02 percent to $138,130.
Pulaski County had the most home sales in the state in October, showing a 30.77 percent increase from October 2008. Benton County had the second-highest number of sales for the month and saw 35.77 percent increase from a year earlier.
Washington County had the third-highest number of sales and saw an increase of 25 percent from October 2008.
Carroll County had the highest average home prices in October, up 9.7 percent from a year earlier, followed by Miller County, down 16.82 percent, and Boone County, up 47.84 percent.
