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ARA: Housing numbers down due to severe weather | Real Estate

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ARA: Housing numbers down due to severe weather
Real Estate
ARA: Housing numbers down due to severe weather

LITTLE ROCK, Ark. - The Arkansas REALTORS Association released its April 2011 Housing Report this morning.  The report shows the number of homes sold in the 42 county area covered by the report were down 23 percent compared to the same month last year and that average prices for the month were down two percent.   Director of Communications for the Association, Amy Glover Bryant, attributes the decrease to the record amount of rainfall and severe weather the state experienced throughout the month of April and to the ending of the first time home buyer's tax credit.  “As we anticipated the 13 days of rain and severe weather Arkansas experienced along with resulting flooding, damage to homes and major roads being blocked made a dent in Arkansas home sales.   However, it is a great time to purchase a home in Arkansas and mortgage rates are still outstanding.  The American dream of homeownership is still very much alive and buyers have a great inventory of homes from which to pick."

According to the National Weather Service  April began with warm temperatures (record highs tied/broken) and below normal precipitation. That all changed in the last two weeks of the month, which featured one of the busiest periods of severe weather and flash flooding in recent memory. More than two dozen tornadoes were spawned, and rainfall exceeded a foot in some areas. More than twenty people lost their lives and more than a foot of rain fell across the northern region of the state (at least 300 percent of normal).  

The full report analyzing 42 counties in Arkansas is posted on the ARA website at http://www.ArkansasRealtors.com/news-events/housing-market-reports.   For more information, contact the Association at (501) 225-2020.

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