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Report: New builds dominate home sales in Northwest Arkansas – Talk Business & Politics

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Report: New builds dominate home sales in Northwest Arkansas – Talk Business & Politics


Arvest Bank has published the latest Skyline Reports on residential and multifamily real estate in Northwest Arkansas for the latter half of 2023. The bank sponsors the biannual reports completed by the Center for Business and Economic Research (CBER) at the Sam M. Walton College of Business at the University of Arkansas.

In the residential sector, home sales saw a 2.1% decline in the final six months compared to the same period in 2022 and a significant drop of 22.5% compared to the latter half of 2021. Notably, new construction homes accounted for 39.9% of all homes sold, the highest percentage since the inception of the Skyline Report in 2004.

“The increasingly high percentage of new builds indicates a couple of market trends,” said CBER Director Mervin Jebaraj, the lead researcher for the Skyline Report. “One is that current homeowners are less likely to make an in-market move because of higher interest rates, as most people don’t want to replace a 3.5% mortgage with one at 7.0% or higher.

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“Secondly, many new home developers offer assistance by paying points that reduce a loan’s interest rate. Some homebuilders might also be helping buyers with other incentives like including appliance packages with new homes.”

A result of that trend is that inventories of existing homes for sale have risen. Two years ago, at the end of 2021, there were 584 homes for sale in the MLS database. That number increased to 1,618 at the end of 2022 and 2,119 at the end of last year, representing a 263% increase.

Jebaraj also discussed the need for regional coordination regarding rezoning along the U.S. Highway 71B corridor.

“With all four major cities in the region having mayoral elections later this year, I hope we use the opportunity to seek public support for re-imagining the 71B corridor to allow transit-oriented denser housing growth closer to the city centers,” he said. ‘As the region continues to grow population, a coordinated approach to redevelopment among the four big cities would go a long way towards solving many of the housing issues and disruptions from unplanned growth we are experiencing.”

MULTIFAMILY
In the multifamily market, the region’s overall vacancy rate rose from 2.2% a year ago to 3.1% due to 10 new apartment complexes with almost 1,700 new units entering the market. Even with the influx of new rental units, the cost of renting continued to climb, with the average lease rate moving above $1,000 per month for the first time.

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“While the multifamily vacancy rate increased, it is still very low nationally,” Jebaraj said. “And with so many new complexes entering the rental market toward the end of the year, it takes some time for new properties to get leased up. I suspect that the vacancy rate today is lower than it was at the end of the year.”

“It is obvious that higher mortgage interest rates are having an impact on the housing market in Northwest Arkansas,” said Gene Gates, executive vice president and loan manager with Arvest Bank in Fayetteville. “At the same time, the region continues to grow in population, and we continue to see a healthy market to help customers with mortgages. We are also working with apartment developers to secure the funding they need.”

For a PDF of the residential report, click here.

For a PDF of the multifamily report, click here.

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Arkansas

Arkansas to honor Nolan Richardson with statue outside arena

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Arkansas to honor Nolan Richardson with statue outside arena


Former Arkansas coach Nolan Richardson, who led the Razorbacks to the 1994 national title, will be immortalized with a statue outside Bud Walton Arena, the school said Wednesday.

Richardson was on the court at halftime of No. 20 Arkansas’ 105-85 win over Texas in the team’s regular-season home finale Wednesday night when athletic director Hunter Yurachek surprised him and told him the school had commissioned a statue to commemorate his achievements.

Per the school’s announcement, work on the statue is set to begin soon.

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“Coach Richardson’s impact on the game of basketball and our state is immeasurable,” Yurachek said in a statement. “He represented Arkansas with a toughness and intense work ethic that endeared him to our fans while changing the lives of numerous athletes, coaches and staff under his direction. His ’40 minutes of Hell’ changed college basketball and led to the 1994 national championship that changed Arkansas and our university forever. Coach Richardson will stand tall outside the arena for the rest of time.”

Richardson coined the phrase “40 Minutes of Hell” in reference to the ferocious, full-court defense his Arkansas teams played during his tenure (1985-2002). Between Arkansas and his first Division I job at Tulsa, Richardson amassed 508 wins (389 with the Razorbacks), reached the Final Four three times and secured Arkansas’ only national title.

Richardson also was a member of the Texas Western (now UTEP) teams that preceded the school’s victory over Kentucky in 1966, when five Black players started an NCAA championship game for the first time and won. That game paved the way for Black players to compete at schools that had previously rejected them.

Richardson, one of six SEC coaches to win a national title since 1990, was inducted into the Basketball Hall of Fame in 2014.

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After Wednesday’s game, current Arkansas coach John Calipari joked that he’s contractually obligated to clean the statue once it’s finished.

“Which I will do in a pleasant way because I love it,” he said. “He’s been so good to me since I’ve been here.”

Richardson and Arkansas were not on good terms when they divorced in 2002. But the two sides have repaired the relationship over the years. The university renamed the floor at Bud Walton Arena “Nolan Richardson Court” in 2019. Richardson praised Calipari’s hiring in 2024 after he left Kentucky, and he has been around the program since Calipari’s arrival.

“He should have been had a statue, I think,” said Trevon Brazile, who finished with 28 points on his senior night Wednesday. “They won the national championship.”

Added Darius Acuff Jr., who finished with 28 points and 13 assists against the Longhorns: “It’s great to see that for sure. Coach Richardson is a big part of our team. He’s been to a couple of our practices, so it’s always good to see [him]. He’s a legend.”

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Autopsies rule Arkansas mothers death a suicide; twin children’s deaths homicides

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Autopsies rule Arkansas mothers death a suicide; twin children’s deaths homicides


According to our partners at 40/29 News, autopsies show that Charity Beallis died by suicide, and her six-year-old twin children died by homicide.

Beallis and the children were found on December 3, 2025, in their home in Bonanza. All three had gunshot wounds.

Records show that Beallis and her husband were in the process of divorcing when the murders happened. 40/29 reports that Beallis’ son has asked that their divorce be considered final, while her husband, Randall Beallis, has asked the court to dismiss the divorce proceedings.

The news release listed the following evidence:

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— An examination of the transcripts of the deposition of Mrs. Beallis in the divorce/custody case and the final hearing on the case on 12-2-2025, reveal that she wished to be reconciled to her estranged husband, which did not happen. Mrs. Beallis, after being represented by four different attorneys, represented herself in the contested divorce/custody hearing. At the conclusion of the hearing, Mrs. Beallis was ordered to begin joint custody of her children with her estranged husband.

–Mrs. Beallis’ estranged husband was a driver of a Tesla electric vehicle at that time. Tesla has compiled location data on Tesla vehicles, and according to the information provided by Tesla, Mrs. Beallis’ estranged husband’s vehicle was not near the residence in Bonanza on the night in question. Also, the estranged husband’s phones did not “ping” any of the cell towers proximately related to Ms. Beallis’ location.

–Information from the home security alarm company shows the alarm was deactivated by Mrs. Beallis by her phone (she had exclusive access to the security system) at around 10 pm on the night in question. Even though deactivated, the alarm company was able to provide information showing no doors or windows to the home were opened during that time. When law enforcement arrived after 9:30 am on 12-3-2025, there were no doors or windows open, and they had to use a key to enter the home. SCSO rigorously tested the functioning of each door and window and found them to be operating properly.

The court released an order on Wednesday stating that it does not have jurisdiction to rule on those motions regarding the divorce. Beallis’ body has been released to her son, while the children are with Randall Beallis.



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Frightening times for Hannahs in Israel | Northwest Arkansas Democrat-Gazette

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Frightening times for Hannahs in Israel | Northwest Arkansas Democrat-Gazette


Wally Hall

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Wally Hall is assistant managing sports editor for the Arkansas Democrat-Gazette. A graduate of the University of Arkansas-Little Rock after an honorable discharge from the U.S. Air Force, he is a member and past president of the Football Writers Association of America, member of the U.S. Basketball Writers Association, past president and current executive committee and board member of the Arkansas Sports Hall of Fame, and voter for the Heisman Trophy. He has been awarded Arkansas Sportswriter of the Year 10 times and has been inducted into the Arkansas Sports Hall of Fame and Arkansas Sportswriters and Sportscasters Hall of Fame.

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