September home sales in Wichita show mixed results, report says

10/15/2013 5:25 PM

10/15/2013 5:26 PM

Wichita home sales activity was slightly mixed in September, but a seller’s market for existing homes remains, according to the South Central Kansas Multiple Listing Service report released Tuesday.

The report said 763 existing homes were sold in September, a 25 percent increase from the 611 sold in September 2012.

But sales of new homes declined 2 percent in September from 48 in 2012 to 47 in 2013.

For the year, 6,883 new and existing homes have been sold, compared with 6,102 in the same period last year, a nearly 13 percent increase.

The report also said that the inventory of existing homes for sale in September was 4.4 months, up from 3.9 months in August. New-home inventory was at 6.3 months. That’s up from 5 months in August. Five to six months of housing inventory is considered a balanced market, while inventory less than five months is considered a seller’s market.

Gary Walker, vice president and general manager of J.P Weigand & Sons’ residential division, said the data indicate a typical seasonal slowdown, when kids are back in school and the holidays begin to approach. Those are two factors that tend to thin the number of people actively selling and buying homes in the fall.

“They (home sales) are pretty much what I expected,” Walker said. “There’s no surprise at all. There definitely is a slowdown now.”

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