The South Central Kansas MLS releases the August Wichita-area home sales figures.
Existing home sales increased 2.6% between July and August according to the latest figures released by the South Central
Kansas MLS, and increased by 32.2% on a year over year basis. Existing homes sales in August totaled 702, up from 684
units in July. The median sales price of existing homes in August increased 8.5% compared to July, and increased 21.6%
on a year over year basis.
New home sales decreased by one unit in August with 50 units sold from 51 in July. The August median sale price of
new homes increased to $227,005 from $206,000 in July and is 19.9% lower than one year ago.
Existing home inventory this month decreased to 4,056 homes in inventory compared to 4,198 last month. The existing
home inventory this month is 7.4% lower than it was a year ago when the existing home inventory was 4,378.
New home inventory decreased this month with 335 homes in inventory compared to 357 new homes on the market last
month. The new home inventory is 32.3% lower than it was a year ago at this time when there were 495 new homes on
the market.
New and existing home inventory combined was 4,391 homes this month compared to 4,555 last month representing a
3.6% decrease in the past month. One year ago the combined inventory was 4,873 which represents 9.9% decrease in total
inventory over the past year.
Months of Inventory is determined by taking the inventory and dividing it by the number of sales. A “balanced market” is
considered to be a 5-6 month supply. If the supply exceeds 6 months, the market begins to favor buyers. When the
supply is less than 5 months, the market tends to favor sellers. Months of inventory for existing homes decreased to 5.8 in
August, indicating a balanced market. Months of inventory for new homes decreased this month to 6.7 months of
inventory compared to 7.0 last month.
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