Jul 15, 2024 - Real Estate
Charted: NWA's May home sales prices below national median
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With the most fruitful home-selling season in full swing, we're checking out the market.
Why it matters: NWA home prices have soared by more than 100% in the past decade, making it harder for lower- to middle-wage earners to find homes.
By the numbers: As of May, the median home price in all of NWA was $380,000.
- That's well below the U.S. median of nearly $440,000.
Yes, but: The average selling price for a single-family home during the second half of 2023 in Benton County was $420,144, and $386,695 in Washington County, according to the latest Arvest Skyline Report.
- Those prices are down slightly from the previous six months.
What's next: Elevated mortgage rates, which are dampening the appeal and affordability of home buying, could remain high for longer.
- The Fed signaled in June that only one interest rate cut is coming this year.