Fayetteville Arkansas, University of Arkansas--Old Main Overview

Fayetteville Arkansas, University of Arkansas--Old Main Overview
Overview of Fayetteville, AR

Sunday, August 13, 2006

Existing-Home Sales Flattening, Prices Cooling

It continues to be a buyer’s market. Prices are up only slightly from one year ago and interest rates are still affordable.

Last year sales were at record highs. This year existing home sales (throughout the U.S.) declined 1.3% in June 2006 compared to the previous month. Looking back to June 2005, June sales this year declined 8.9%.

Looking from a different perspective, housing inventory levels nationwide rose 3.8% at the end of June to 3.73 million existing homes available for sale. That represents a 6.8-month supply at the current sales pace. By contrast, in June 2005, there was a tight 4.4-month supply on the market.

It appears to me that the market is stabilizing. I don’t think anyone believed the market could continue sales at the record pace of the past several years.

This is good news for buyers who may have been discouraged by bidding wars during the hot market of the past. Now is a good time for buyers to find the home they want.

When inventories increase, buyers have more choices and more time to comparison shop. Sellers have come to realize they must be more competitive these days.

The above statistical information came from The National Association of Realtors®, report for June 2006.

To read the full report, click on:


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