Arkansas Economic Development Institute

Arkansas House Prices – 2017:Q2

By , May 24, 2017 5:40 PM

Arkansas house prices continue to trend upward, but at a slower pace than the national average.  According to the latest Expanded Data indexes from the Federal Housing Finance agency, Arkansas house prices rose 1.2% in the first quarter of 2017.  Over the most recent four quarters, Arkansas house prices were up 4.2%.  Over the same period, the national average for house prices increase by 6.7%

Source: Federal Housing Finance Agency

Source: Federal Housing Finance Agency (FHFA)

The comparatively rapid pace of house prices nationwide reflects a rebound effects in the areas where prices declined the most during the market crash of 2007-11.  As shown in the following figure, that pattern holds true for the metro areas that cover parts of Arkansas.  House prices declined by over 12% in Memphis and by nearly 20% in Fayetteville from 2007 to 2011.  Those two metro areas have also seen the most rapid home-price appreciation since 2012.  Having experienced little depreciation during the period of housing price declines, Jonesboro and Texarkana have seen the highest rates of cumulative price increase since 2007.

Source: Federal Housing Finance Agency (FHFA).  Seasonal Adjustment by the Institute for Economic Advanacement

Source: Federal Housing Finance Agency (FHFA). Seasonal Adjustment by the Institute for Economic Advancement

In the most recent quarter, house prices were up in all of Arkansas’ metro areas except Little Rock, where prices are reported to have fallen by 1.0%.  Prices were down over the quarter in non-metropolitan regions of he state.  Over the past year, prices have risen most rapidly in Fort Smith and Fayetteville, and have risen most slowly in Pine Bluff and Little Rock.

Federal Housing Finance Agency (FHFA). Seasonal Adjustment by the Institute for Economic Advancement

Federal Housing Finance Agency (FHFA). Seasonal Adjustment by the Institute for Economic Advancement

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