Monday, September 17, 2012
New housing numbers for Wichita show home sales are on the rise. Experts say there's even evidence that the balance could soon shift from a buyer's to a seller's market.
Wichita Area Realtors Association President Bud Cortner says the change is discernible by examining the year-over-year numbers on housing sales.
"Last year's sales versus this year's sales - we're 9.5 percent above last year. That's very good," Cortner said. "We're right on the border of being in a seller's market."
That shift in balance is the result of local homes selling faster than the number being added to the market. An August report due out on Tuesday will show Wichita's current inventory of homes at a five-month supply. That's compared to the more than a ten-month supply the city has seen in recent years.
Wichita State University Real Estate Director Stan Longhofer says these new numbers indicate the local housing market is heading towards an upward trajectory.
"We're coming from a low level. Sales have been really, really low over the last few years. But we've had two years now where sales have shown steady increases. And that's a really positive sign," said Longhofer.
Lower inventory generally leads to higher prices, which experts say Wichita could see by next year. They urge those who have been considering buying a home to act soon to take advantage of the low prices and interest rates before it's too late.