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.
NORTH LITTLE ROCK, Ark. (KATV) — Purple is the color of the month in Arkansas, and Lupus Awareness Month is bringing a busy stretch of events, including a mayoral proclamation and a smooth jazz concert featuring acclaimed saxophonist Merlon Devine.
A proclamation for Lupus Awareness Month is set for 6 p.m. in North Little Rock, with Mayor Hardwick expected to present it. Organizers encouraged lupus warriors and supporters to come out.
Anita Boone, President of the Lupus Foundation of Arkansas Inc. and a former lupus warrior, described the day-to-day reality of living with the disease: “One minute you’re feeling amazing, the next minute your body is saying we can’t do this.”
Lupus is an autoimmune disease, described during the interview as a condition where the immune system attacks the body “inside out.” It can affect organs throughout the body, including the brain, lungs, heart and kidneys. Boone also shared personal impacts, saying, “I am losing, actually, ear from hearing, just because of lupus.”
The Lupus Foundation of Arkansas is also inviting the community to a Lupus Smooth Jazz Concert this Sunday, May 17, at 3:30 at The Space with Grace event venue, 2005 Main St., North Little Rock.
Gale Davis, committee chair for the Lupus Smooth Jazz Concert shared details about the concert.
Davis said guests are encouraged to “dress to impress,” though formalwear isn’t required. The event will include a photo backdrop, light hors d’oeuvres and beverages, and sponsored tables aimed at networking. It’s also a chance for people to meet other lupus warriors, learn more about the foundation’s work, and watch a video presentation highlighting events from the past year.
The featured artist, Merlon Devine, was described as an acclaimed saxophonist known for a soulful, smooth jazz sound, with a career spanning more than two decades and performances across the country and around the world. He’s also an Arkansas native who attended Little Rock Central High School. He now lives in Southern Maryland, outside Washington, D.C.
Davis said Devine’s connection to lupus is personal. She said his father had lupus and has since died, though he didn’t die from lupus. They also said Divine had a sister who died from lupus in 1981 and that he currently has two sisters living with lupus.
She also shared that, according to his doctors, Devine was born with acute asthma and underdeveloped lungs. His latest single, released last year, is called “Mercy.”
Tickets must be purchased online and will not be sold at the door. They’re available online by clicking on the flyer. Prices are $40 for individual tickets, or $400 for a table of nine, with an option to sponsor a table.
Organizers also noted another proclamation is planned for the Little Rock side with Mayor Frank Scott tomorrow, and encouraged people to follow the Lupus Foundation of Arkansas on social media for updates.
The concert will take place this Sunday at the Space With Grace Venue in North Little Rock.
ASHLAND TOWNSHIP, Mich. — An Arkansas man died after crashing a dirt bike on Sunday.
The 21-year-old Arkansas man, formerly from Newaygo, crashed into a tree while riding a dirt bike on private property in Ashland Township near Grant on Sunday before 2:30 p.m., according to Michigan State Police (MSP) troopers.
Emergency responders tried to save his life but he died at the scene.
Troopers are still investigating but do not suspect drugs or alcohol as factors in the crash.
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MSP did not initially release any additional information.
FAYETTEVILLE — Arkansas softball will once again host an NCAA Regional, this time as the No. 5 overall national seed.
The Razorbacks (42-11) will be the top seed in Fayetteville and open the tournament against fourth-seeded Fordham (27-26) at 4:30 p.m. on Friday, May 15.
Washington (36-18) is the two-seed and will face three-seed South Florida (42-15) that same day inside Bogle Park.
Arkansas is paired with the Durham Regional hosted by Duke (39-14) for a potential super regional. Arizona (35-16), Marshall (37-17) and Howard (28-17) are joining the Blue Devils in the regional.
This is the sixth consecutive season the Razorbacks will host a regional. It is also the program’s eighth straight NCAA Tournament berth under coach Courtney Deifel. Arkansas has reached the NCAA tournament 14 times, and more than half of those appearances have come under Deifel.
Arkansas ended the season No. 1 in the RPI despite finishing seventh in the SEC standings. The Hogs were eliminated by Alabama in the conference tournament quarterfinals.
Last year, Arkansas lost to SEC rival Ole Miss in the Super Regionals. The Hogs fell one win shy of reaching the Women’s College World Series for the first time in program history. They are hoping to take that elusive next step this summer and book a trip to Oklahoma City in two weeks time.
Jackson Fuller covers Arkansas football, basketball and baseball for the Southwest Times Record, part of the USA TODAY Network. Reach him at jfuller@usatodayco.com or follow him @jacksonfuller16 on X, formerly known as Twitter.
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