Existing home sales declined by 11.74 percent in the first quarter of 2008 according to new figures released by the South Central Kansas
Multiple Listing Service (MLS). Existing home sales in the first quarter totaled 1,819 units, down from 2,061 units in the first quarter of 2007.

At the same time, the median sale price of existing homes in the first quarter was $95,000, up 5.56 percent from the same period last year.

New home sales also fell in the first quarter, totaling 355 units, a drop of 11.69 percent compared to the first quarter of 2007. The median sale
price of new homes continued to rise, however, up 13.66 percent from the prior year to $192,400.

"Although sales were off in the first quarter, the inventory of homes available for sale remains fairly tight, in contrast to the problems seen in
other parts of the country," Chief Executive Officer of the Wichita Area Association of Realtors, Laura Raudonis said.