The housing market has seen a shakeup as mortgage rates continue above historic lows of the previous decade, home values are up and the housing inventory remains low.
To see how it was impacting the local housing market, Pulse took a look at how Faulkner County home sales in February compares to the same month in the previous three years. The largest movement could be seen in the median home sale price, the total value sold and the average 30-year mortgage rate over the four-year period.
February 2020 saw four-year lows in the number of homes sold, median sale price and total value, while the housing inventory was the highest among the four-year period. The median home sale price was $168,250 and the average 30-year mortgage rate was 3.47%, the second-lowest rate monitored. February 2020 saw the largest housing inventory of the four-year period in Faulkner County with nearly 370 homes available.
The number of homes sold, the median sale price and total home value grew in February 2021 as mortgage rates and the housing inventory fell. There were 124 homes sold at a median price of $194,662 and an average 30-year mortgage rate of 2.73%, the lowest of the four-year period monitored. February 2021 saw the lowest housing inventory in Faulkner County at 187 homes.
The median sale price, overall value sold and number of homes sold continued to rise in February 2022, even as mortgage rates increased more than 1.2% over the previous February. The housing inventory also rebounded to 234 homes. There were 134 homes sold, the highest mark in the four-year period, at a median price of $202,095. The total value of homes sold reached $29 million, besting the two previous years of $27.9 million in February 2021 and $19.6 million in February 2020.
February 2023 saw four-year highs for median sales price, total home value and average 30-year mortgage rates. There were 122 homes sold for a median price of $252,098 while mortgage rates averaged 6.12%. The housing inventory registered 297 homes. The total value of homes sold reached $30.7 million.
Take a look at the numbers below.
| Homes Sold | Median Sale Price | Total Value Sold | Average 30-Year Mortgage | Housing Inventory | |
|---|---|---|---|---|---|
| February 2020 | 104 | $168,250 | $19.65 million | 3.47% | 368 |
| February 2021 | 124 | $194,662 | $27.96 million | 2.73% | 187 |
| February 2022 | 134 | $202,095 | $29.07 million | 3.92% | 234 |
| February 2023 | 122 | $252,098 | $30.75 million | 6.12% | 297 |