Business

August homes sales down by a third from 2009

New and existing homes sales in the Wichita area during August were down by a third from the same month of 2009, according to figures from the Wichita Area Association of Realtors.

There were 572 homes sold in the month and 559 in July. There were 851 sold in August 2009.

Sales have suffered in the past two months with the expiration of the homebuyer tax credit this spring.

The amount of unsold homes has piled up as buying has slowed. The amount of time to clear inventory in August was 8.2 months for existing homes, up from 5.4 months in June. Months of inventory for new homes was 12.1 in August, triple the 4.0 months in June.

As supply has grown, prices have fallen.

The median price of an existing home was $104,900 in August, compared to $110,000 in June.

The median price of a new home was $189,200 in August, compared to $160,920 a year ago.

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