Homes sales in Arkansas picked up considerably in March throughout Arkansas as people rushed to get residences under contract before the April 30 deadline for the first-time and repeat home buyer tax credits.
Throughout Arkansas, 2,153 homes were sold in March — up 21.57 percent over 1,771 sales in the same month last year. Average sales gained just a bit — rising to $137,587 in March compared to $136,683 a year ago. So, what drove sales in March?
Realtors® throughout Arkansas reported a lot of interest in the first-time (up to $8,000) and repeat (up to $6,500) home buyer tax credits.
Realtors® said that low interest rates and downward pressure on list prices helped drive sales, too. The million dollar question (or perhaps billion dollar, at this point) is whether strong sales will continue after the tax credit is gone. I believe they will as we haven’t seen prices this good for several years, there is a large selection for buyers to choose from, and interest rates are down around 4.5%. That should be enough to inspire consumers to purchase homes in the months to come.
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