Kansas home sales rose by 14.2 percent in May 2013 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 3,727 units in May, up from 3,265 units in 2012. In comparison, sales on a national level rose by 12.9 percent for the month.
“Sales in May were the highest we have seen for this month since 2007,” said KAR president, Steve McCullough with Midwest Land Specialists, Inc., in Newton. “As a result, we are seeing a diminishing inventory of homes available for sale.”
Across the state, there were 15,112 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 4 months.
The statewide average sale price last month was $174,681, compared to $159,490 in May 2012. This represents an increase of 9.5 percent. The statewide median sale price last month was $156,000, compared to $144,850 for the same period last year.
According to the National Association of REALTORS®, the median home price in the Midwest rose by 8.2 percent to $159,800. The national median existing home price was $208,000, which is 15.4 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 3.93 percent.
