Northwest Arkansas' July real estate hotness index
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Sellers listed their homes in July for less than they did last year in 43% of Northwest Arkansas' ZIP codes.
Why it matters: Some home buyers could be getting better deals than they did last year when mortgage rates were at comparable levels.
By the numbers: Realtor.com's July Market Hotness Index, based on listing views and time on the market, ranks Northwest Arkansas in the bottom third of all the metro areas it tracks. The index rates areas by housing supply and demand.
- On the supply side: Northwest Arkansas homes are sitting on the market for 64 days — seven days above the national average. That's 7.5 days longer than last year.
- On the demand side: Buyers are looking less often at Northwest Arkansas area properties.
The median price — the middle value of all sales — for an existing single-family home in Northwest Arkansas was $383,000 in the second quarter of this year, down 0.2% from the same time last year, per the National Association of Realtors.
- Much of that time, though, mortgage rates were several ticks below where they are today.
Yes, but: The average sales price — the total of all sales divided by the number of sales — in Benton County dropped to $465,888, and in Washington County to $423,750, per the recent Arvest Skyline Report.
Zoom in: In about two-fifths of the area's ZIP codes, listing prices are at least 5% lower than they were last year, according to Realtor.com. ZIP codes with the biggest drops in listing prices:
- Huntsville | 72740, down 31% — Homes typically spent 70.2 days on the market, with a median listing price of $333,750.
- Hindsville | 72738, down 24.4% — 54.5 days and $450,000.
- Lincoln | 72744, down 17% — 66.2 days and $270,000.
The other side: Listing prices have jumped in other Northwest Arkansas ZIP codes:
- Decatur | 72722, up 45.7% — Homes typically spent 41.5 days on the market, with a median listing price of $998,500.
- West Fork | 72774, up 20% — 58.5 days and $425,000.
- Centerton | 72719, up 10% — 54.2 days and $502,450.
What we're watching: Elevated mortgage rates could continue to slow home sales. The average 30-year rate was 6.67% on Aug. 13, near a one-year high.
- NAR estimates the monthly home payment for a typical existing home in the U.S. jumped $219 in the last quarter as mortgage rates trended up.