Wichita area home sales dip in August, report says

Wichita area home sales declined by 14 houses in August compared with the same month a year ago, according to a report released Monday afternoon by the South Central Kansas Multiple Listing Service.

The report said that 893 new and existing homes were sold last month, compared with 907 in August 2013.

New home sales were up year to year; a total of 50 new houses sold in August 2014 compared with 49 in August 2013.

The slight drop in sales was seen in existing homes – 843 last month compared with 858 in August 2013.

The report noted that inventory remains tight for existing homes. Months of inventory for existing houses was 3.6 months in August.

For new homes, housing inventory was 5.3 months.

Five to six months of housing inventory is considered a balanced market.

This story was originally published September 15, 2014 at 4:40 PM with the headline "Wichita area home sales dip in August, report says."