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Kansas Market Stats for January 2010

March 19, 2010

Kansas home sales fell by 7.8% percent in January compared to the same period last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 1,237 units in January, down from 1,342 units in 2009. In comparison, sales on a national level increased 11.5% for the month.

Across the state there were 15,805 active listings at the end of the month. Supply of new and existing homes on the market — which is determined by taking the number of active listings and dividing it by the number of sales — represents 12.8 months.

KAR President, Brian Jones, Broker/Owner of Jones Heritage REALTORS® in Pittsburg, Kansas said the months’ supply figures are high as is typical for January when new listings are coming on the market getting ready for spring, while sales lag behind waiting for warmer months. “Mortgage interest rates are expected to trend up later this year, so we expect activity in the markets to begin to pick up as soon as the weather turns warmer and buyers move to take advantage of available tax credits through April 30th.”

The statewide average sale price of existing homes last month was $158,919, compared to $139,740 in January 2009. This represents an increase of 13.7%. The statewide median sale price of existing homes last month was $138,000 compared to $138,000 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest rose 2.4% to $162,700. The national median existing home price was $212,000 which is 2.6% above last year. The median price is where half sold for more and half sold for less.

According to Freddie Mac, the national average commitment rate on a 30-year conventional fixed-rate mortgage last week was 4.97%.

Click on the link below to view a pie chart of sales across the state of Kansas for the month.

January 2010

~Information courtesy of Kansas Association of Realtors
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