A major bipartisan housing bill backed by Arkansas Congressman French Hill is one step closer to becoming law. The legislation aims to increase housing supply by reducing barriers to construction, expanding access to mortgages, and encouraging more housing development nationwide.
Local Impact
The bill comes as home prices continue to climb across Northwest Arkansas. According to the University of Arkansas Center for Business and Economic Research’s Skyline Report, the average home price increased to $471,427 from $449,750 in the same period in 2024.
University of Arkansas finance professor Tomas Jandik said the region’s rapid growth has put pressure on the housing market. “Right now we’re pushing 650,000,” Jandik said. “The supply of houses doesn’t grow as fast. House building cannot catch up with that high demand.”
Supporters of the bill said increasing the housing supply could help ease affordability concerns over time. “On the supply side, I think it eases up some regulations,” Jandik said. “It gives more power to local cities and communities to regulate and speed up the process of building.”
Original reporting: 40/29 / KHBS (NW Arkansas) — read the source article.
