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May Northwest Arkansas Market Update

Welcome to your May Northwest Arkansas Market Update! I'm excited to share with you the latest market data for the region. Let's start with residential sales. In the previous month, there were 798 residential sales, which is slightly lower than the same month in the previous year. It's always interesting to see how the market fluctuates from year to year. Moving on to interest rates, the current rate for a 30-year fixed-rate mortgage is 6.39%. That's higher than the same month last year when it was 5.27%. So, if you're in the market for a new home, keep that in mind when looking at your budget. Now, let's talk about average home prices. The average selling price for a home last month was $401,912. That's over 7% higher than the same month last year when it was $373,412. It's great to see the market holding steady, and market experts believe there will be continued appreciation this year in the 3-5% range. One thing to note is that it's taking a bit longer to sell a home this year. The average time it takes to sell a home from listing to close has increased to 96 days, compared to 69 days in the same month last year. But despite the longer wait time, we're still seeing a healthy number of pending contracts. Speaking of pending contracts, there were 1058 new pending contracts in the previous month. This is an increase from the same month last year. We are starting to see buyers getting comfortable with the rates in the 6% range. As they look much more appealing than the 7%plus that we saw the previous months. Inventory is still low, with approximately 2 months of inventory in Northwest Arkansas. So, if you're a buyer, it's important to act fast when you find a home you love. Finally, multiple offers are still being seen for homes priced in line with market sales. Of the 1004 homes listed last month, 473 are under contract with an average days on the market of 6 days. It's a competitive market out there, but with the right agent and strategy, you can still find your dream home. That's all for this month's update. As always, please don't hesitate to reach out if you have any questions or if you're interested in exploring the opportunities available in the market. I'm always here to help!