Home sales in South Central Kansas fell by 23.9% in October compared to the prior year. Sales in October 2022 totaled 766 units, down from 1,007 in 2021.
Among existing homes, 705 units sold in October, a decrease of 25.1% from 941 units that sold in 2021. The average sale price of existing homes was $227,051. This represents an increase of 12.9% from the October 2021 average price of $201,189.
For new construction, 61 sales occurred in October, down from 66 units the prior year, a decrease of 7.6%. The average sale price of new homes in October was $434,473, up 22.3% from the same period last year.
A total of 696 contracts for sale were written in October 2022, down from 1,054 in October 2021. This is a decrease of 34.0%. Contracts written during the month reflect, in part, sales that are set to close in the near future.
The inventory of active listings in South Central Kansas stood at 1,195 units at the end of October, which is up from 1,014 homes that were on the market at the end of October last year. At the current rate of sales, this figure represents 1.3 months’ supply of homes on the market.