November 16, 2012
Sales of existing homes in the Wichita metro area surged 17.3 percent from September to October and 37.1 percent from October 2011, the South Central Kansas MLS Inc. reported Friday.
“I will say it’s a very good October,” said Tessa Hultz, CEO of the MLS and Wichita Area Association of Realtors.
October new-home sales slipped 16.6 percent from September but rose 14.3 percent from October 2011.
Total sales of new and existing homes through October stood 8.4 percent ahead of the same 10 months last year and at the highest level since 2009.
“I’m very, very pleased with that,” Hultz said.
“People seem to be coming out more” this year to buy, she said.
Factors could include improving consumer confidence and expectations of rising interest rates.
The year-over-year rise tracks just ahead of a 7.3 percent rise forecast for the year by the Center for Real Estate at Wichita State University.
The median sales price of an existing home in October was $115,000, up 9.5 percent from a year ago and 0.9 percent from September.
The median sales price of a new home last month was $233,836, up 13 percent from October 2011 and 4 percent from September.
The inventory of existing homes slipped to 3,572, 8.7 percent fewer than a year ago. There was five months of inventory, indicating a balanced market between buyers and sellers.
New-home inventory stood at 246, which is 28.3 percent fewer than October 2011. The inventory stood at 6.2 months, close to balanced.