Happy Tuesday!

🌤️ Today's weather: Mostly sunny, with a high of 98 and a low of 73.

🌍 Support local journalism that covers your world by becoming a member.

Today's newsletter is 956 words — a 3.5-minute read.

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.

Share

Your local city councils meet tonight. Here's what they plan to discuss.

Bentonville will vote on:

🏫 Accepting the donation of Morningstar Schoolhouse and adjacent 18.9 acres from the Walton Family Foundation, which would continue renovations on the building before the city takes ownership.

• The city's Parks and Recreation Department plans to use it for programming like seasonal camps and rent it out for nonprofit organizations and events like weddings, according to city documents.

🅿️ A contract worth about $2.1 million with Milestone Construction for the construction of the north entry and parking lot for Phillips Park. The project includes adding batting cages, creating walking paths and laying infrastructure for a future playground and rest area, according to city documents.

🚧 Accepting three grants from the Northwest Arkansas Regional Planning Commission:

• About $2.4 million for the Greenhouse Road improvements project.
• $2.5 million for Interstate 49 and J Street interchange improvements.
• About $1.5 million for improvements to the Southwest Regional Airport Boulevard and South Vaughn Road intersection.

Rogers will vote on:

🚲 Entering into an agreement with the U.S. Department of Transportation to receive a grant of nearly $4 million to go toward projects in the Northwest Arkansas Regional Vision Zero Plan and the city's Safety Action Plan, which are both geared toward making transportation safer for drivers, cyclists and pedestrians. The city would contribute nearly $997,000.

🗑️ Slightly raising solid waste collection fees. Exactly by how much is TBD, but curbside trash collection for a 96-gallon garbage cart and 64-gallon recycle cart could increase from just under $20 to about $21.

📍 If you go: 6pm at Bentonville City Hall and 6:30pm at Rogers City Hall

Share

Editor's note: This story has been corrected to say the Morningstar Schoolhouse donation would come from the Walton Family Foundation (not Walton Enterprises).

💰 The Siloam Springs school district is selling about 25 acres off East Kenwood Road for $925,000. The move comes as the district is remodeling a building into a school for $15 million to $18 million. (Northwest Arkansas Democrat-Gazette)

🗳️ Gov. Sarah Huckabee Sanders has called a special election to replace former state Rep. Austin McCollum, who resigned this month amid domestic violence allegations. The special election will be Nov. 3, the same date as the general election, and will decide who fills the remainder of McCollum's term until January. (Arkansas Advocate)

🧑‍🔬 The University of Arkansas is launching a new research institute, Arkansas Materials Institute, intended to advance the state's capabilities in artificial intelligence, quantum materials, energy, biosystems, and electronics and photonics. (University of Arkansas)

The boost college graduates get in pay over those who don't go to college is massive — but it's been declining a bit in recent years.

Why it matters: College is a big financial investment, and a lot of graduates are banking on it paying off.

By the numbers: Last year, the average college graduate earned 55.2% more than the typical high school grad, per Labor Department data analyzed by the progressive Economic Policy Institute.

• That's down from a peak of more than 60% a decade ago.

Thanks to Chloe Gonzales for editing this newsletter.

😋 Alex watched the second episode of "Diners, Drive-Ins and Dives" where NWA restaurants have been featured lately. This time, it was Toot Beirut and Blu Fish House.

🚙 Worth is considering road trips.