Area home sales in May increased 10 percent from the same month a year ago and the inventory of existing houses shrank to its lowest level this year, according to the May 2014 sales report released Thursday from the South Central Kansas Multiple Listing Service.
The report said 946 new and existhing houses were sold in May, compared with 860 in May 2013. It marks the second consecutive month of gains in houses sold, after a shaky start to the year.
Overall, home sales for the first five months of the year – 3,373 – are down less than 1 percent from 3,404 home sales in the first five months of 2013.
Gains were made in sales of both new and existing homes, according to the report. The number of existing houses sold was 898, compared with 803 in the same month a year ago.
Forty-eight new homes were sold in May, compared with 46 last May.
The months of inventory for new homes in May was 5.9 months, indicating a balanced market for homes in that category.
But for existing homes, the months of inventory dropped to 3.3, meaning the current existing housing market favors sellers, the MLS said in a release.
That continues a trend from last month in which the existing homes month of inventory ratio fell below five months, to four months.