October 2010
Kansas home sales fell by 35.7% percent in October 2010 compared to October of last year, according to new figures released by the Kansas Association of REALTORS®. Sales totaled 1,896 units in October, down from 2,949 units in 2009. In comparison, sales on a national level decreased 25.9% for the month.Across the state there were 21,199 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 11.2 months.
KAR President, Brian Jones, Broker/Owner of Jones Heritage REALTORS® in Pittsburg, Kansas stated, “The decline in sales compared to last year is misleading because the 2009 figure was beginning to reflect the effects of the home buyer tax credit. The year to date numbers through October show we are only 6.1% behind where we were at the end of October last year, even though this October is not good compared to last. We anticipated the homebuyer tax credit program being made available during the first part of 2010 would move the bulk of the home purchase activity into the first part of the year and that appears to be coming true.”
The statewide average sale price last month was $157,641, compared to $153,881 in October 2009. This represents an increase of 2.4%. The statewide median sale price last month was $133,450 compared to $147,500 for the same period last year. According to the National Association of REALTORS®, the median home price in the Midwest fell 3.6% to $139,500. The national median existing home price was $170,500 which is 0.9% below 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 fell to a record low 4.23 percent in October from 4.35% in September, the rate was 4.95 percent in October 2009.
