Area home sales slip in January

Home sales in the Wichita area slipped 5 percent in January, according to a South Central Kansas Multiple Listing Service report.

The total number of new and existing houses sold last month was 487, compared with 514 in January 2014.

Sales were down in both new and existing houses, the report said. Thirty new houses were sold in January, compared with 46 in the same month a year ago. And 457 existing houses were sold last month, compared with 468 in January 2014.

Sales of houses in the winter months tend to be slower than in other months of the year.

Existing house inventory improved in January to 5.4 months. New house inventory was at 10.4 months.

A housing market is considered balanced — one that favors neither buyers nor sellers — when there is five to six months of housing inventory. A market with more than six months of housing inventory tends to favor buyers.

This story was originally published February 9, 2015 at 9:53 AM with the headline "Area home sales slip in January."