May home sales best since 2007

6/26/2013

TOPEKA (AP) — Home sales in May were the highest in Kansas for that month since 2007, according to the Kansas Association of Realtors.

TOPEKA (AP) — Home sales in May were the highest in Kansas for that month since 2007, according to the Kansas Association of Realtors.

The state recorded a 14.2 percent increase in home sales last month with 3,727 units, compared to 3,265 in May 2012. Nationwide sales rose 12.9 percent in May, the association said.

Another 3,418 sales were pending at the end of May, up 3.4 percent from May 2012, The Topeka Capital-Journal reported.

The increased sales means real estate agents are seeing a dwindling supply of homes available for sale, according to the association's president, Steve McCullough. The available inventory at the end of May was 15,112 homes for sale.

If current sales rates continue, it would take about four months to run through the housing inventory currently listed. In January, 13,565 houses for sale provided a 7.7-month supply, the association said.

Homes were on the market for an average of 85 days in May. Prices also rose in May, with an average home price of $174,681, up 9.5 percent from $159,490 in May 2012.

The median sales price statewide was $156,000, an increase from $144,850 in May 2012. The median price is the point at which half of the homes sold for more and half sold for less, unlike the average price, which can be influenced by the sale of a few extremely expensive homes.

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