NWA Housing Market on “Fire” According to Local Economist

You may have noticed more for sale signs on homes around your town, that’s because there’s more on the market.
“The economy in Northwest Arkansas this year is red hot, and people are moving here to get great jobs, it’s not surprising that housing prices are both going up and the volume of housing sales is going up,” said University of Arkansas Economist Kathy Deck credits the booming Northwest Arkansas market to three things.
“So, a hot economy, people moving here, new construction, all of these are reasons that prices are going up,” said Deck.
Fayetteville Realtor Chris May says business is good and homeowners are happy.
“It is so busy right now, um its kind of a buyers and a sellers market. The interest rates are so low right now that its a buyers market, but the demand is so high and the supply is so short that its a sellers market,” said May.
In fact, May said the local housing market is up in Benton and Washington counties by 23 percent from last year and prices have risen at least 7 percent in that time. Deck pointed out that 628 houses were sold in Benton County in June, compared to just 142 houses sold in January 2009.
And in Washington County, in June 400 houses were sold compared to 89 back in January ’09.
“It is a great time to buy a house right now and it’s a great time to have a house, it doesn’t mean that we wont have some bumpy years you know down the road, so folks need to be aware of that,” said Deck.
She says although there is no guarantee in the housing market she doesn’t see home prices falling in our area anytime soon.

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