Homes for sale stay steady in Northwest Arkansas
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Northwest Arkansas had 2,958 active listings in early June, up 4.9% from a year ago, according to Redfin data.
Why it matters: Even this costly housing market can't stop a baby boomer who's tired of cleaning an empty nest or a young family running out of bedrooms.
The big picture: Many U.S. homeowners feel locked into their current mortgage.
- Those with a mortgage rate below 3% say their likelihood of moving in the next three years would soar — from about 17% to 28% — if they could keep their current loan, per recent surveys from the New York Fed.
State of play: The number of homes sold in NWA is trending slightly above last year, according to Redfin data. Home sales numbered 246 from July 8 to Aug. 4, compared to 220 during a similar time frame last year.
Flashback: In 2021, houses started getting snatched up. The rate of homes off the market in two weeks shot up from 8.5% in August and September to 72.5% in December that year, and reached about 86% in March 2022, according to Redfin.
- In recent months, the rate has hovered around 60%.
What's next: More golden handcuffs could start to loosen. Optimism has grown that the Federal Reserve will start cutting interest rates in September, Axios' Felix Salmon reports.