One report stated that housing costs in the region have gone up 70% since 2019.
FAYETTEVILLE, Ark. — As Fayetteville grapples with an unhoused population crisis amid a larger housing crisis, the national housing market index is reporting steady declines on multiple fronts.
The National Association of Home Builders (NAHB) / Wells Fargo Housing Market Index, known as the HMI, is a monthly report based on surveys from different parts of the homebuilding and homebuying arena. Reports from June suggest multiple different conditions, including sales numbers, sales expectations, and prospective buyers, are decreasing slightly.
According to the report, it’s not just sellers and buyers that are feeling a squeeze; 37% of home builders reported cuts to prices in June, “the highest percentage since NAHB began tracking this figure on a monthly basis in 2022.”
Locally, housing affordability conversations are becoming increasingly common. The City of Fayetteville is considering forming a renters task force to replace the housing crisis task force, which is set to disband this summer. That decision will be made just over three weeks after the Walton Family Foundation published a report stating that home prices in the region have gone up 70% in the last six years.
The City of Fayetteville is accepting proposals to allocate almost $1.6 million in federal HOME Investment Partnership Program funds — a move that city leaders hope will expand affordable housing opportunities and directly assist low-income residents.
Watch 5NEWS on YouTube.
Download the 5NEWS Mobile app on your phone:
5NEWS on your schedule | Download 5+ on your TV, watch for free. How to watch the 5+ app on your streaming device
Spot a typo or grammar mistake? Email KFSMDigitalTeam@tegna.com including information related to the story and someone on our team will review it as soon as possible.