The Northwest Arkansas Skyline Report for the second quarter of 2009 sponsored by Arvest Bank is out. The report collates and measures some key statistics in the Northwest Arkansas Real Estate Market… check out this quarter’s key highlights below. If you are looking for a bit more detailed (and useful in my opinion) monthly report please check out our monthly market data or subscribe to our updates.
From the Arkansas Business Journal (written by: Susannah Patton)
New residential construction in northwest Arkansas in the second quarter of 2009 continued at a lower pace than in previous years but picked up slightly from the first quarter. The numbers come from the second-quarter residential Skyline Report, commissioned by Arvest Bank Group Inc. and compiled by the Center for Business & Economic Research in the Walton College of Business at the University of Arkansas. In the second quarter, 266 residential building permits were issued, an increase from the 185 issued in the first quarter but a decrease from the 416 permits issued in the same period last year. Benton County accounted for 146 permits, while Washington County accounted for 120. The number of complete but unoccupied houses declined in the second quarter as 382 houses in active subdivisions became occupied. The absorption rate is an increase from the first three months of this year, when 277 homes became occupied. There were 1,247 homes sold in the second quarter, a decline of 4.6 percent from the second quarter of 2008.
The Skyline Report pulls it’s data from multiple sources so is very accurate in it’s conclusions. If you’d like to see more about the Skyline Report and what’s in it, please contact me and I’ll be happy to get you a copy of the latest report. Remember to come back the first week of each month and read EXIT Pro Realty’s conclusion’s on the current state of the housing market in Northwest Arkansas.