“Home sales have continued to fall in the face of rising mortgage rates,” said KAR president Thomas Howe with McGrew Real Estate in Lawrence. “Inventories are still very tight, however, and home prices continue to rise despite the decline in sales.”
February 2023 Market Highlights
- Home sales in Kansas fell by 12.5% in February 2023 compared to the same period last year. National sales fell with sales falling 22.6% over 2022.
- Home prices continue to increase across the state. The statewide average sale price in February was $274,234 a 5.4% increase compared to last year. Midwest prices rose 5.0% and US prices fell 0.2%.
- Mortgage rates increased. The national average commitment rate on 30-year conventional mortgage for the week ending March 17, 2023 was 6.60%. View Freddie Mac’s report.
To view January 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
For 100 years, the Kansas Association of REALTORS® has been the “Voice for Real Estate” in Kansas. Working for Kansas property owners, the Association provides a facility for professional education, research and information exchange among its 10,000 member licensees, as well as to consumers, government and the media. REALTORS® agree to abide by a strict code of ethics, and are held to a high ethical standard by their peers through their association membership. The term REALTOR® is a federally-registered trademark owned by the NATIONAL ASSOCIATION OF REALTORS®, and denotes membership in the non-profit Association.
