Kansas home sales rose by 6.6 percent in May 2015 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 3,995 units in May, up from 3,748 units in 2014. In comparison, sales on a national level rose by 9.2 percent for the month.
“The strong housing market continued in May,” said KAR president, Todd Woodburn with Coldwell Banker Plaza Real Estate in Wichita. “Year-to-date, sales across the state are up nearly 9 percent compared to 2014.”
Across the state there were 13,559 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 3.4 months.
The statewide average sale price last month was $190,030, compared to $177,334 in May 2014. This represents an increase of 7.2 percent. The statewide median sale price last month was $164,750, compared to $148,000 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 9.4 percent to $181,900. The national median existing home price was $228,700, which is 7.9 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 4.00 percent.
