40/29 News just did a feature story on new home sales activity and a rise in home prices in Northwest Arkansas. If you were waiting for ‘bottom’ to buy or refinance you may have already missed it. But it’s not too late! Check out this video from 40/20 News featuring our own Executive Broker, Richard D Behnke , talking about new home sales.
Here’s the link to the video about New Home Sales and Home Prices in Northwest Arkansas.
There’s a lot more to it
If you watched the whole 2 minute or so video you would have heard that home prices in Northwest Arkansas rose from $137,000 in February up to $168,000 in May. That’s my statistic that we gave them and I can explain that number a little bit.
Did home prices rise by almost 23% in three months?
The short answer is no, not really. But it’s still very good news. The numbers in February were so low because a greater percentage of the sales were foreclosed or distressed properties. This artificially drove the average sales price down to $137,000….actually $137,521 to be exact. In May, we say a much more significant number of home sales were traditional property sales, driving the average sales price back up to $168,181.