“Demand is strong, but the lack of inventory is constraining the market,” said KAR president, Kathy Minden with Crown Realty in Paola. “Prices are rising sharply as buyers compete for the limited number of homes available for sale.”
March 2018 Market Highlights
- Home sales in Kansas fell by 6.7% compared to the same period last year. National sales also fell, 1.2% over 2017.
- Demand and low inventory continue to push prices up. The statewide average sale price in March was $198,420 an increase of 5.6% over last year. This is inline with the trend in our region and nation. Prices in the Midwest rose 5.1% and in the US prices rose 5.8%.
- Mortgage rates are at the highest of 2018. The national average commitment rate on 30-year conventional mortgage for the week ending April 19, 2018 was 4.47%. View Freddie Mac’s report.
To view February stats, click here.
For national perspective, click here to watch NAR’s new “Housing Minute” video update.
KAR – The Voice of Real Estate in Kansas
The Kansas Association of REALTORS® (KAR) provides members with market data to better serve clients and ensure they make decisions based on the most accurate information in the marketplace.
