Arkansas
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.
“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.
“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.
Arkansas
AP Decision Notes: What to expect in Arkansas’ primary runoff elections
WASHINGTON — Two Arkansas Republicans with competing visions on how best to implement President Donald Trump’s agenda to overhaul elections and voting will vie for their party’s nomination for the state’s top elections job on Tuesday.
U.S. Army veteran Bryan Norris and state Sen. Kim Hammer were the top two vote-getters in the March 3 GOP primary for Arkansas Secretary of State, but both candidates fell far short of the majority vote needed to avoid Tuesday’s primary runoff election.
The winner will face Democrat Kelly Grappe, who ran unopposed for her nomination.
The duties of the Arkansas Secretary of State include overseeing state business filings and maintaining the state capitol building and its grounds, but the office is probably best known for its administration of federal, state and district elections in Arkansas.
Both Norris and Hammer have touted their support of Trump’s election agenda, but the two disagree on some key points of election administration. For example, Norris supports hand-counting ballots in elections without the use of automated tabulation equipment. Hammer authored a 2023 law that requires hand-counted ballots to be compatible with state tabulation equipment and requires counties that hand-count ballots to bear any associated costs.
The call to fully hand-count ballots has been a popular refrain among many Trump supporters since the president’s failed attempts to overturn the 2020 election. But some attempts at full hand-counts since then have shown the process to be time-consuming, expensive and prone to human error.
Hammer has endorsements from much of the state’s Republican Party establishment, including U.S. Sen. Tom Cotton, Gov. Sarah Huckabee Sanders, Lt. Gov. Leslie Rutledge, Attorney General Tim Griffin and outgoing Secretary of State Cole Jester. Norris’ backers include former national security adviser Michael Flynn and MyPillow CEO Mike Lindell, both prominent 2020 election deniers and Trump allies.
In his endorsement of Hammer, Jester called on Norris to drop out of the race over the candidate’s past confrontational and expletive-laden social media posts. In an interview with KATV, Norris acknowledged using “some salty language from time to time” but added, “you’re never going to hear me talk or speak that way again.”
Norris edged Hammer in the competitive three-way primary with both candidates receiving about 34% of the vote. Miller County Judge Cathy Hardin Harrison received about 32% of the vote.
Just more than half the primary vote was cast in counties Trump carried with 70% or more of the vote in 2024. Norris performed slightly better than Harrison and Hammer in these areas, while Hammer slightly outperformed the others in the rest of the state.
Pulaski, Benton and Washington counties are the biggest population centers in the state, and they contributed the most votes in the March 3 primary. Pulaski is home to Little Rock and is where former Vice President Kamala Harris posted her best performance in the state in the 2024 presidential election. Although Pulaski is Arkansas’ most populous county, Benton tends to have more influence in Republican contests, as was the case on March 3.
Regardless of who wins, the eventual Republican nominee will have an advantage heading into the general election. It’s been 20 years since Arkansas elected a Democrat as secretary of state and no Democrat has won statewide office since 2010.
Some Arkansas voters in a handful of districts across the state will also choose nominees for state Senate and House. Republicans hold lopsided majorities in both chambers.
The Associated Press does not make projections and will declare a winner only when it’s determined there is no scenario that would allow a trailing candidate to close the gap. If a race has not been called, the AP will continue to cover any newsworthy developments, such as candidate concessions or declarations of victory. In doing so, the AP will make clear that it has not yet declared a winner and explain why.
Arkansas does not have automatic recounts, but candidates may request and pay for one, with the costs refunded if the outcome changes. The AP may declare a winner in a race that is subject to a recount if it can determine the lead is too large for a recount or legal challenge to change the outcome.
Here are some of the key facts about the election and data points the AP Decision Team will monitor as the votes are tallied:
When do polls close?
Polls close at 7:30 p.m. local time, which is 8:30 p.m. ET.
What’s on the ballot?
The AP will provide vote results and declare winners in the Republican primary runoffs for secretary of state and state House Districts 5, 6, 46, 52, and 92, as well as the Democratic primary runoffs for state Senate District 15 and state House District 35.
Who gets to vote?
Voters do not need to have voted in the March 3 primary to participate in the March 31 runoff. But primary voters may only vote in the runoff of the same party as they did in the primary. In other words, Republican primary voters may not vote in a Democratic primary runoff or vice versa. Voters in the non-partisan primary may vote in either party’s runoff.
For voters who did not participate in a party primary, Arkansas Democrats allow any registered voter to vote in Democratic contests, while Republicans bar registered Democrats from voting in Republican contests.
What do turnout and advance vote look like?
There were about 1.8 million registered voters in Arkansas as of the March 3 primary.
More than 266,000 voters participated in the Republican primary for secretary of state. The state Senate District 15 Democratic primary had about 9,300 total votes, while five of the six state House Districts forced to a runoff each had total votes of between 4,400 and 5,200 total votes. The lone exception was the Democratic primary for state House District 35, which had about 1,700 total votes.
In the 2022 primaries for statewide offices, about 52% of Democratic voters and 42% of Republican voters cast their ballots for governor before Election Day.
More than 13,000 statewide Republican runoff ballots had already been cast as of Thursday.
How long does vote-counting usually take?
In the GOP U.S. Senate primary on March 3, the AP first reported results at 8:32 p.m. ET, or two minutes after polls closed. The last vote update of the night was at 2:04 a.m. ET with more than 99% of total votes counted.
When are early and absentee votes released?
County elections officials throughout the state have said they tend to release all or nearly all results from early and absentee voting in the first vote update of the night, before any in-person Election Day results are released.
Are we there yet?
As of Tuesday, there will be 217 days until the 2026 midterm elections.
Arkansas
Men’s Tennis Goes 1-1 in Texas on Sunday
The No. 36 Arkansas men’s tennis team had a pair of matches in Austin on Sunday to close out a Texas road trip and the Hogs went 1-1 in the outings.
The Razorbacks (15-10, 3-8) started the day with a 4-0 loss to No. 3 Texas (18-6, 9-2). The Longhorns’ Kalin Ivanovski and Abel Forger defeated No. 64 Connor Smillie and Jakub Vrba 6-3 to start doubles. No. 23 Sebastian Gorzny and Lucas Marionneau then took down Brendan Boland and Dmitry Kopilevich 6-1, and Texas claimed the doubles point.
In singles, No. 90 Abel Forger quickly won over Arsène Pogault on court four at 6-1, 6-1. Oliver Ojakaar made it 3-0 Texas with a 6-4, 6-1 takedown of Gabriel Elicha Navas, and Lucas Marionneau sealed the sweep for the home team with a 6-3, 6-3 victory over Brendan Boland.
Against the University of Incarnate Word (10-3, 2-0) later in the day, two of Arkansas’ doubles pairings won: Vrba and Smillie 7-5 over Santiago Flyckt and Marcel Moralles and Boland and Kopilevich 6-3 over Alexandre Chauvel and Alejandro Hernandez. Lukas Palovic and Eric Padgham were also up 6-5 over Augustin Salazar and Emilio Vila.
The Hogs continued to dominate in singles as No. 18 Vrba defeated Vila 6-4, 6-3, Kopilevich won 6-1, 6-1 over Salazar and Smillie took down Christian Cuellar 6-0, 6-4 for a 4-0 clean sweep to close out the day.
The Razorbacks return to action at home on Thursday, April 2 with an SEC matchup against Mississippi State at 5:30 p.m.
For the latest information on all things Arkansas Men’s Tennis, follow the Hogs on social media by liking us on Facebook (Arkansas Razorback Men’s Tennis) and following us on Twitter and Instagram (@RazorbackMTennis).
Arkansas
Arkansas Storm Team Forecast: Midweek Rain Chances
We’ve got clouds to start out this Sunday with temperatures on the cool side. Once clouds exit, which should be later this afternoon, temperatures will warm into the 70s.
We’ll be back into the 80s both tomorrow and Tuesday. Dry conditions will continue through the next couple of days with a high wildfire danger persisting statewide.
Rain chances return midweek, with Wednesday through Friday bringing what could be a meaningful rainfall. Rainfall amounts are still uncertain, but we’re getting closer to pinpointing that. Stay tuned for updates!
-
Sports1 week agoIOC addresses execution of 19-year-old Iranian wrestler Saleh Mohammadi
-
Miami, FL4 days agoJannik Sinner’s Girlfriend Laila Hasanovic Stuns in Ab-Revealing Post Amid Miami Open
-
New Mexico1 week agoClovis shooting leaves one dead, four injured
-
Politics1 week agoSchumer gambit fails as DHS shutdown hits 36 days and airport lines grow
-
Tennessee7 days agoTennessee Police Investigating Alleged Assault Involving ‘Reacher’ Star Alan Ritchson
-
Minneapolis, MN4 days agoBoy who shielded classmate during school shooting receives Medal of Honor
-
South-Carolina1 day agoSouth Carolina vs TCU predictions for Elite Eight game in March Madness
-
Science1 week agoRecord Heat Meets a Major Snow Drought Across the West