Fayetteville Arkansas, University of Arkansas--Old Main Overview

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

Monday, January 13, 2014

Sales of NW Arkansas Homes Mostly Up for 2013

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.

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