Kansas home sales rose by 5.2 percent in February 2015 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 2,050 units in February, up from 1,948 units in 2014. In comparison, sales on a national level rose by 4.7 percent for the month.
“Sales activity rebounded nicely in February,” said KAR president, Todd Woodburn with Coldwell Banker Plaza Real Estate in Wichita. “This should provide a solid start to the Spring selling season.”
Across the state there were 12,282 active listings at the end of the month. Supply of new and existing homes on the market – which is determined by taking the number of active listings and dividing by the number of sales – represents 6.0 months.
The statewide average sale price last month was $169,096, compared to $159,735 in February 2014. This represents an increase of 5.9 percent. The statewide median sale price last month was $137,750, compared to $128,985 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 8.8 percent to $152,900. The national median existing home price was $202,600, which is 7.5 percent above last year’s figure. The median price is the value for which half of the homes sold for more and half sold for less.
According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage last week was 3.86 percent.
