Area home sales leap 17 percent in March

Area sales of existing and new houses took a big jump in March, according to a report Wednesday from the South Central Kansas Multiple Listing Service.

The report said total home sales were 723 in March, a 17 percent increase from 623 total homes sold in the same month in 2014.

The report said the March gains were from both new and existing homes. Sales of new houses in March 2015 totaled 43, compared with 41 in March 2014. Sales of existing houses totaled 680, compared with 575 in March 2014.

Year to date, new and existing home sales totaled 1,763. That represents a 5 percent increase from 1,672 homes sold in the first three months of 2014.

The report also said inventories were mixed between existing and new houses. Existing house inventory remained tight, at 3.6 months, while new home inventory was 7 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.

This story was originally published April 15, 2015 at 3:09 PM with the headline "Area home sales leap 17 percent in March."