Northwest Arkansas' housing market has cooled from 2022

NWA's housing market has slowed from its heyday of early 2022, according to data from Redfin. Current sales are roughly on par with the national rate.

Why it matters: It's good news for buyers wanting to take time to shop for a home rather than make offers above asking price, sight unseen.

The big picture: Supply issues continue to affect home prices across the U.S., despite mortgage rates dampening demand.

• This is particularly true in parts of California and the Northeast. Homes in both regions are selling quickly — and above asking — per Redfin.
• In the South, however, supply is picking up and markets are cooling down.

Zoom in: The number of homes sold during the last half of 2023 was down 2% from a year earlier and prices dipped slightly, according to the biannual residential Arvest Skyline Report .

By the numbers: The average selling price for a single-family home in Benton County during the second half of 2023 was $420,144, down 0.6% from six months earlier. It was $386,695 in Washington County, down 1.4%.

The big picture: Florida and Texas may be hotter than ever, but their housing markets are cooling quicker than most other regions, according to Redfin.

• New-home construction , unaffordable home insurance and intense natural-disaster threats contribute to increased supply and lesser demand.
• Homes aren't moving off the market as quickly, and a growing share of sellers are lowering asking prices — all signs these markets are cooling down.
• Yes, but: Florida and Texas were the poster children for the pandemic price boom, so home prices are much higher than five years ago.

What's next: Some relief could be coming for buyers on the mortgage rate front .