Kansas home sales fell by 7.1 percent in November 2013 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 3,053 units in November, down from 3,286 units in 2012. In comparison, sales on a national level fell by 1.2 percent for the month.
“We are starting to see homes sell faster,” said KAR president, Steve McCullough with Midwest Land Specialists, Inc., in Newton. “In many markets across the state, the average days on market for sold listings are falling while home prices are rising.”
Across the state there were 17,121 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 5.8 months.
The statewide average sale price last month was $169,044, compared to $151,865 in November 2012. This represents an increase of 11.3 percent. The statewide median sale price last month was $137,000, compared to $130,000 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 6.7 percent to $151,100. The national median existing home price was $196,300, which is 9.4 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 4.47 percent.
