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PINE BLUFF HOME SALES DOWN, BUT PRICES UP

By Amy Riggin/OF THE COMMERCIAL STAFF
Monday, July 13, 2009 11:51 PM CDT

Jefferson County real estate agents sold 18 fewer homes in May compared to the same month last year, representing a 41 percent decline in home sales.

The average price of homes sold in Jefferson County in May increased 11.5 percent to $115,684. The year-to-date average price increased 3 percent to $102,622.

The latest figures reported by the Arkansas Realtors Association show year-to-date sales are down 21 percent, with 143 homes sold so far this year. In May, agents reported 26 homes valued at roughly $3 million sold, compared to 44 valued at $4.56 million in May 2008.

Homes sold year-to-date were valued at about $14.7 million, 18.5 percent less than last year’s homes valued at $18 million.

Statewide, home sales were down 10.5 percent this May compared to last. Arkansas home sales for the year were down 16 percent.

Arkansas County sold four homes in April, down from 14 the same month last year; Ashley County sold three homes, down from seven; and Grant County sold 13 compared to 12 last year.

Year-to-date, Arkansas County saw an increase from 38 to 45 homes; Ashley County saw a decline from 31 to 17 homes; and Grant County declined slightly from 45 to 44 homes.

Sebastian County led the decline among the state’s top markets in May with a 12.9-percent drop, followed by Pulaski County (12.67 percent) and Saline County (7.91 percent).

Statewide, home prices averaged $149,984 during May, down 2.01 percent from $153,053 a year earlier. Washington County led the decline in average home prices, falling 8.39 percent to $164,703, followed by Saline County, which saw a 6.5-percent drop to $153,433.

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