Kansas home sales fell by 2.5 percent in February 2014 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 1,911 units in February, down from 1,961 units in 2013. In comparison, sales on a national level fell by 7.1 percent for the month.
“Although home sales dropped slightly in February, the supply of homes has tightened significantly” said KAR president, Chris Rost with Coldwell Banker Antrim Piper Wenger, in Salina. “As a result we are seeing prices rise in many markets across the state.”
Across the state there were 12,387 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 6.5 months.
The statewide average sale price last month was $159,882, compared to $151,059 in February 2013. This represents an increase of 5.8 percent. The statewide median sale price last month was $129,000, compared to $121,500 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 8.6 percent to $140,900. The national median existing home price was $189,000, which is 9.1 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 4.32 percent.
