Real Estate News

Corrected: Wichita area home sales rebound in October

Editor’s note: This story has been updated to correct information about whether buyers or sellers tend to benefit from housing inventories of more than six months.

The number of homes sold in October in the Wichita area increased from a year ago, according to information Friday from the South Central Kansas Multiple Listing Service.

The October report said 809 homes were sold, compared with 712 in the same month last year.

The year-over-year increase came from sales of existing houses: 761 in October 2014 compared with 662 in October 2013, the report said.

Sales of new houses dropped in the same period by two, to 48.

For the year, total home sales are up slightly by 102 houses, or 1.3 percent, from the same period in 2013.

The October report also marks a rebound from August and September, in which the total number of homes sold in both of those months were lower this year than in the same months in 2013.

Dwyn Thudium, owner of Crown III Realty, called the October report “positive.”

Thudium, who also is the 2014 president of the Wichita Area Association of Realtors, said she thinks now that the elections are over she expects to see a “bigger wave” of people looking to buy houses.

The October report also showed that the area’s inventory of existing houses remained tight at 3.9 months, while the inventory of new houses was six months. Inventories above six months favor buyers, while inventories less than five months favor sellers.

Reach Jerry Siebenmark at 316-268-6576 or Follow him on Twitter: @jsiebenmark.