Housing Market Facts
Kansas home sales rose by 20.5 percent in October 2012 compared to the same period last year, according to the new figures released by the Kansas Association of REALTORS®. Sales totaled 2,599 units in October, up from 2,157 units in 2011. In comparison, sales on a national level rose by 10.9 percent for the month.
Across the state, there were 14,622 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 it by the number of sales - represents six months.
"October was an exceptionally strong month for sales," said KAR president, John Brocker, with Allen County Realty, Inc., in Iola. "The number of pending sales at the end of October was quite high as well, suggesting that sales will continue to be strong through the end of the year."
The statewide mean sale price last month was $156,517, compared to $150,723 in October 2011. This represents an increase of 3.8 percent. The statewide median sale price last month was $142,250, compared to $130,000 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose by 10.6 percent to $145,600. The national median existing home price was $178,600, which is 10.9 percent above last year's figure. The median price is where half of the homes sold for more and half sold for less.
According to Freddie Mac, the national average commitment rate on a thirty-year conventional fixed-rate mortgage last week was 3.34 percent.