Real Estate Trends
Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership an impossibility for more Americans than ever before.
In many large cities, home prices have outpaced income. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. New York's Long Island suburbs have seen just a 14 percent rise in incomes as compared to an 81 percent increase in home prices. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.
The first sector to show slowing is the high-end home market. Because of “overpersonalized” big-ticket properties, the pace of house auctions nationwide has surged.
Low interest rates are the only continuing positive trend of the housing market. Low rates average now less than 6 percent for 30-year fixed-rate loans, the lowest since the 1960s.
Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop.
Arkansas Home Sales, Prices Rose In August
by Sarah Campbell-Miller on Tuesday, Oct. 3, 2017 9:19 am 1 min read
The Arkansas Realtors Association said Monday that home sales and the average price of homes sold increased in August.
The report, which surveys home sales in 43 counties, showed 3,401 homes sold in July, up by 3.6 percent from the 3,282 reported for August 2016.
The average price of the homes sold rose by 4 percent to $178,534 from $171,262 in the same month last year.
Statewide valuations in July also increased by 8 percent year-over-year to $607 million.
More: See the complete ARA report here.
Home sales in Arkansas' top five most active markets totaled 1,802, down 1.5 percent from the same month in 2016.
Sales in Saline County and Pulaski County increased by 11.8 percent and 1.5 percent, respectively.
But Sebastian, Washington and Benton counties saw decreases of 9.7 percent, 5.5 percent and 1.5 percent, respectively.
Here's unit sales for Arkansas' five busiest counties:
Saline: 199, up from 178.
Pulaski: 486, up from 479.
Benton: 579, down from 593.
Washington: 342, down from 362.
Sebastian: 196, down from 217 in the same month of last year.
Madison County led the state for highest average price in July, at $237,309, up 74.5 percent from August 2016.
The other highest average prices were:
$234,795, up 2.1 percent, in Benton County;
$234,380, up 14.8 percent in Washington County;
$208,176, up 13.2 percent in Pulaski County;
and $200,526, up 16.1 percent in Saline County.