Report: Home sales in Wichita area fall in November

Home sales in south-central Kansas fell by nearly 9 percent in November when compared with the same month in 2014, according to a monthly report from the South Central Kansas Multiple Listing Service.

Sales in the area for last month totaled 600 units, which was 58 fewer homes sold than in November 2014. The average price of an existing home, however, rose to $144,588 for last month, representing an increase of more than 12 percent, according to the report.

Among existing homes, 567 units sold in November, a decrease of nearly 7 percent from the same month last year, while new construction was down 34 percent, according to the report. Only 33 new construction sales occurred last month, compared with 50 during November 2014.

The average sale price for a new home in the area also dropped by nearly 27 percent, down to $262,537, when compared with last year’s November numbers. A total of 634 contracts for sale, however, were written last month, up from 586 last year during the same month.

At the current rate of sales, according to the numbers, the south-central Kansas market has about a 4.7-month supply of homes on the market. A figure representing less than five months of supply generally indicates a seller’s market.

The October report for this year showed a 3.7-month supply of homes.

This story was originally published December 15, 2015 at 10:26 AM with the headline "Report: Home sales in Wichita area fall in November."