Just when things seemed to have turned a corner in the Arkansas housing market, the August report released Thursday by the Arkansas Realtors Association showed a dip.
In July, the housing report showed its first month-to-month gain in 42 months, but August sales were down 8.9 statewide from a year ago.
Among the top five counties for sales, only Benton County reported a gain in sales over the previous August, selling 342 homes, compared to 309 in August of 2008.
Sebastian County posted the biggest drop, with Realtors selling only 111 homes, down 29.9 percent from the 156 it sold the previous August. Sales in Pulaski County were off 7.8 percent.
Average prices of homes sold were better in Pulaski County while Benton County homes showed a decline. The average sales price in Pulaski County was $181,082, up 7.1 percent from a year ago, while Benton County sales averaged $167,441, down 10.4 from the $186,854 Realtors averaged last year.
Statewide the average price was down 2.5 percent in August
The Realtors association said the August report didn’t alarm it too much, because it has seen steady improvement in sales for six months. It is hoping the one-month drop is an anomaly.
For the first eight months of the year, the report shows home sales are off 10.9 percent statewide and the sales price is down 3.4 percent.