Arkansas

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

Published

1 month ago

March 19, 2024

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.

Source link

Arkansas

Arkies in the Beltway | Week of April 28, 2024 | Arkansas Democrat Gazette

Published

6 hours ago

April 28, 2024

Press Room

This is “Arkies in the Beltway” for the week of April 28, 2024. I’m Alex Thomas — Washington Correspondent at the Arkansas Democrat-Gazette — with your look at national politics and the Arkansans influencing the discussions.

[Podcast player not showing up? Click here]

After months of inaction and much talk on Capitol Hill, Congress finally passed an international aid package to assist Ukraine, Israel and the Indo-Pacific.

The U.S. House of Representatives approved the funding first, followed by the Senate three days later.

The package received strong bipartisan support in both chambers, including from members of Arkansas’ congressional delegation.

STORY: Arkansas lawmakers highlight international aid importance in $95.3 billion package signed by Biden

One House committee chairman is seeking answers regarding the March 19 raid at Bryan Malinowski’s home that led to the Little Rock airport executive director’s death.

Rep. Jim Jordan, R-Ohio, sent a letter to Steven Dettelbach, the director of the Bureau of Alcohol, Tobacco, Firearms and Explosives, regarding the operation at Malinowski’s west Little Rock residence and ATF procedures for executing search warrants.

A federal affidavit related to the search warrant of Malinowski’s home states he had purchased more than 150 firearms and resold guns without a firearm dealer’s license.

Malinowski, the executive director of Bill and Hillary Clinton National Airport, was shot in the head at least once during the raid. He died two days after the incident.

Jordan, the chairman of the House Judiciary Committee, requested the information after Rep. French Hill, R-Ark., asked the Ohioan to look into the case.

STORY: U.S. House Judiciary Committee chairman pushes for information surrounding fatal raid on Bryan Malinowski’s residence

Two Arkansas lawmakers in the House of Representatives are anticipating months and years of discussions surrounding the future rebuild of the Francis Scott Key Bridge near Baltimore.

Reps. Rick Crawford, R-Ark., and Steve Womack, R-Ark., are among the federal lawmakers whose committee work intersects with the response to the bridge collapse.

Crawford serves on the House Transportation and Infrastructure Committee, and Womack leads the House Appropriations Committee’s subcommittee handling issues involving transportation, housing and urban development.

STORY: Crawford, Womack prepare for committee work on Baltimore bridge collapse

An Arkansan has joined President Joe Biden’s reelection campaign as part of its communications team.

Adrienne Elrod, a Siloam Springs native, will work on the campaign as a senior adviser and spokesperson.

Elrod has built a resume with political experiences in Arkansas and Washington, D.C., including time with Hillary Clinton’s two presidential campaigns.

STORY: Arkansas’ Adrienne Elrod joining Biden reelection team as senior adviser, spokesperson

Thank you for listening to this week’s episode of “Arkies in the Beltway!” Make sure to keep up with all news involving Arkansas at arkansasonline.com. You can also stay up to date with what’s happening in the nation’s capital by following me online; my handle across all social media platforms is @AlexHouseThomas.

Source link

Arkansas

Seersucker Spring Social benefits School Bus Fund | Arkansas Democrat Gazette

Published

13 hours ago

April 28, 2024

Press Room

Seersucker Spring Social benefits School Bus Fund | Arkansas Democrat Gazette

Attendees donned their best spring finery for the 10th annual Seersucker Spring Social, held at the Old State House Museum on April 18. The event was hosted by the Arkansas State House Society, a group of young professional museum supporters.

Guests enjoyed signature mint juleps and other libations, heavy hors d’oeuvres, live music, raffles, museum exhibits and each other’s company on an evening whose status had been under threat of a rain forecast, but which yielded perfect weather instead. Gina Gatzke and Larry Freeman were named Best Dressed winners.

Partygoers were also given souvenir drinking glasses upon departure.

Proceeds from the event benefit the School Bus Fund. As some school districts are no longer able to make field trips without assistance, the fund enables these students to visit the Old State House and learn about Arkansas history.

— Story and photos by Helaine R. Williams

Source link

Arkansas

Arkansas undrafted free agents tracker: Razorbacks who signed after 2024 NFL Draft

Published

20 hours ago

April 27, 2024

Press Room

Arkansas undrafted free agents tracker: Razorbacks who signed after 2024 NFL Draft

Arkansas football had a decent showing in the 2024 NFL Draft, but several more Razorbacks players are signing undrafted free agent deals. Here are the UDFAs:

Arkansas football had a disappointing NFL Draft, with only two Razorbacks selected through the three-day event. Cam Little and Beaux Limmer both went in the sixth round.

This marks the second straight year for Arkansas having two draft picks. The Hogs went 4-8 in 2023 and saw plenty of attrition on the roster either through the portal or with an end in college eligibility.

However, the Hogs should have a number of players sign with NFL teams as undrafted free agents. Here’s a look at all of the post-draft movement for Arkansas.

Arkansas undrafted free agents

Dwight McGlothern, cornerback, Minnesota Vikings

A great man-to-man corner with ball skills, McGlothern is able to make plays down the field and beat opposing wide receivers at the line of scrimmage. He’s also a good zone cornerback with terrific instincts that mesh with his ability to read the quarterback.