Kansas home sales fell by 0.3 percent in October 2016 compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 3,067 units in October, down from 3,075 units in 2015. In comparison, sales on a national level rose by 5.9 percent for the month. "Although sales were down just slightly in October, they are still up 6 percent for the year," said KAR president, Deborah McMullen with McGrew Real Estate in Lawrence. "All in all, 2016 is shaping up to be an excellent year for Kansas housing markets."
Across the state there were 12,053 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 3.9 months. The statewide average sale price last month was $191,299, compared to $182,797 in October 2015. This represents an increase of 4.7 percent. The statewide median sale price last month was $157,500, compared to $152,500 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 5.8 percent to $181,500. The national median existing home price was $232,200, which is 6.0 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 3.94 percent.