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| Single-Family Residential Sales Data |
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| Total Sales in All Zone |
TOTAL YEAR-OVER-YEAR SALES (new & existing): In July, year-over-year (Y/Y) sales of Wichita-area single-family homes decreased by 11.5%, dropping from 1,112 sales in July 2007 to 984 sales last month.
NEW HOME SALES: Sales of new single-family homes in Wichita continued to decline, but at a nominal rate. In July sales decreased by 2.8%, dropping from 143 sales in July 2007 to 139 sales last month.
EXISTING HOME SALES: July sales of existing single-family homes in Wichita decreased by 12.8%, dropping from 969 sales in July 2007 to 845 sales last month.
MEDIAN DOM (existing homes): In July, the median Days on Market (DOM) of existing homes rose slightly to 38 days. This puts last month close to the historical average, with the median DOM in July averaging 33 days over the last 10 years.
MEDIAN SALE PRICE (existing homes): For July, the median sale price of existing homes dipped slightly to $118,400, which follows the new highs that were reached in May and June of $114,900 and $120,825 (respectively).
COMMENTARY: With Y/Y sales declining across the board, the rate of decline appears to be slowing. Even though “total” year-over-year sales having declined in July, the 11.5% decline reversed a trend of increasingly bad numbers, with declines of 22.2% in June, 19.8% in May, and 13.0% in April. In the “new” home market, sales were essentially flat, after two months of double digit declines. And, even though “existing” home sales were still in double-digit negative territory, the 12.8% decline in July reverses a four month trend of worsening numbers, with a significant improvement over the 23.8% decline seen in June. "Days on market" continues to remain relatively strong at 38 days.
A caveat about the median sale price: Even though we have recently seen new highs in the median price of homes sold, that number is not a good indicator of market-wide appreciation. Median sale price is also affected by the type of homes selling well at any given point in time. So, the higher numbers could also be an indication of there being more homes for sale in the higher price ranges. For a better measure of overall home price appreciation, please see the WSU Home Price Index that is listed in the Related Pages links at the bottom of the graph.
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