Data on Repo Houses for Sale Showed Positive Signs

  The number of residential properties sold last year, including repo houses for sale, declined in Arkansas. However, analysts believe that housing sales reports exhibited signs of future improvements for the state's housing market.

Sales of properties from Jonesboro foreclosure listings and non-foreclosed homes in other areas of the state declined by almost 5% in 2010 compared with 2009 levels, based on data presented by the Arkansas Realtors Association. The association predicted last year that home buying activities will decline in the state, following the expiration of the tax credit program launched by the U.S. federal government.

The prediction proved to be true as sales of Arkansas foreclosures and non-foreclosed houses both dipped during the second half of 2010. However, sales data for December 2010 showed some promise, leading analysts to proclaim that the region's housing market is on its way towards a more balanced condition.

Sales reports for December showed that the number of housing units, including repo houses for sale, that were purchased by buyers declined by less than 1% when compared with the same 2009 month. This, analysts stated, showed that the impact of the housing industry crisis on the Arkansas residential property market is not as bad as it is in other U.S. regions.

Moreover, the average selling price of single family dwellings in the state increased by less than 1% in 2010 compared with year-ago levels. Several areas of the state even recorded higher sales numbers in December, with properties under foreclosure lists and non-foreclosed dwellings selling well in areas like Benton and Washington.

Housing unit sales jumped by 7.53% in Benton County during December 2010 compared with the same 2009 month. Meanwhile, Washington County recorded an increase of 5.26% over the same period. Cleburne County, on the other hand, recorded the highest increase in average selling price, with rates increasing by 23.88% to $187,200 during December 2010 compared with the December 2009 average rate of $151,111.

Market analysts stated that December sales and prices of residential properties, including data for repo houses for sale, showed that the Arkansas housing industry is on the rebound. They added that the growth will likely continue this year as the job market improves and rising rental rates encourage more people to purchase homes instead.