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For the first 11 months of 2013, the number of homes sold
in in Benton and Washington Counties was up 17.36%. That’s the best rate in all
of Arkansas. Thinking back only two years to the dismal 2011 real estate market
makes it look exceptionally good.
The number of homes sold increased, the median sales
price expanded, and the total value of homes sold rose. The average number of
days on the market decreased.
For some reason not yet fully explained, sales throughout
Arkansas dipped in November 2013. Rising interest rates may have been partially
to blame. Consumer confidence was shaken due to the government shutdown in
October and uncertainties about the rollout of the Patient Protection and
Affordable Care Act.
The
December sales figures are not yet available.
Seems
like a majority of real estate professionals predict mortgage interest rates
will increase in 2014. My crystal ball is out for repair so I’m not weighing in
on the subject right now. I do know though, that as interest rates increase, buyers are generally forced to buy a less costly home in
order to keep their payments affordable.
Get more NWA housing market information .
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