Kansas home sales rose by 5.3 percent in February 2016 compared to the same period last year, according to new figures released by the Kansas Association of REALTORSÂ®. Sales totaled 2,143 units in February, up from 2,036 units in 2015. In comparison, sales on a national level rose by 2.2 percent for the month.
"New listings continue to lag behind home sales," said KAR president, Deborah McMullen with McGrew Real Estate in Lawrence. "As a result, we expect to see it become a sellers' this spring."
Across the state there were 10,615 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 5.0 months.
The statewide average sale price last month was $173,779, compared to $170,743 in February 2015. This represents an increase of 1.8 percent. The statewide median sale price last month was $139,900, the same as in 2015. According to the National Association of REALTORS®, the median home price in the Midwest rose by 6.3 percent to $162,700. The national median existing home price was $210,800, which is 4.4 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 4.01 percent