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By Reporter Jessica Duff
Home sales for July plunged to the lowest level in 15 years in the U.S., despite the lowest mortgage rates, and bargain prices in many areas of the country. But what does it mean for Arkansas as many continue to struggle to survive the economy?
The Arkansas Realtors Association released the June 2010 Housing report Tuesday.
The ARA has yet to release the state's July numbers, but Maurice Taylor with Crye-Leike Realty says Arkansas shouldn't be nearly as bad as the rest of the nation.
"I think we'll probably be down just a little bit just because the tax credit actually. There was anticipation that the tax credit was gonna end. So some of that pent up demand may have closed in the month of July and may have spilled over at the end of June," Taylor says.
The report shows a less than one (0.56) percent increase in houses sold in June this year compared to June last year. Saline (20.17%) and Sebastian (20.19%) counties saw the greatest increase. While Pulaski County saw a nearly 2 percent (-1.79%) decline.
Since January, Arkansas has seen an 8.3% increase in sales state-wide. Saline County had the greatest increase at 22 percent (22.34%) while Pulaski County was just below one percent (-0.79%).
Taylor says most regions are seeing a decline but that's not the case for the south.
"The numbers show that the south out of all the areas in the nation had the least amount in drop in sales. Nationally numbers look pretty bad but here on a local level, we're not doing bad at all. And, like I said, this is a perfect time to put your house on the market or to buy a house, no better time than the present," Taylor adds.
Just to give you some perspective, in Las Vegas, Nevada, 92% of homeowners are upside down on their mortgages. Their homes are not worth what they owe on them.
Arkansas Home Sales Fair Better Than Rest Of U.S. - Today's THV News, Little Rock, Arkansas
August 24, 2010