Sales of existing and new homes in the area rose slightly in July, according to a recent report from the South Central Kansas Multiple Listing Service.
The report said that total home sales last month jumped 1.7 percent when compared to July 2014. Sales for July this year totaled exactly 1,000 units, up from 983 during July 2014, according to the report.
Existing-home sales increased by 2.5 percent (943 units) in July when compared to the same month in 2014 while new-home sales dipped 9.5 percent from 63 to 57 units sold for the same period. For the first seven months of 2015, total home sales are up 4.5 percent, from 5,345 at the end of July 2014 to 5,583 at the end of last month, according to the report.
The numbers for new listings showed declines, according to the report, as new-home listings dropped 20 percent in July from the same month last year to 48. Existing-home listings dropped nearly 10 percent, from 1,354 in July 2014 to 1,221 last month.
The report also stated inventories were somewhat mixed between existing and new houses. Existing-house inventory dropped to 2.9 months, while new-home inventory was listed at 4.6 months.
Five to six months of housing inventory is considered a balanced market. Less than five months of inventory is considered a seller’s market.