Newswise — Kansas home sales should rise by more than 5 percent in 2014, according to the 2014 Kansas Housing Markets Forecast series published by the Wichita State University Center for Real Estate.
"Housing markets across the state have been strengthening for several years," said Stan Longhofer, director of the WSU Center for Real Estate. "We forecast that sales will rise by 12 percent this year and another 5 percent in 2014 to 37,820 units."
The 2014 Kansas Housing Markets Forecast series reviews current housing market conditions in the major markets across the state – including Kansas City, Lawrence, Manhattan, Topeka and Wichita – and forecasts housing market activity through the end of 2014. Copies of all of the forecasts in the series can be found on the WSU Center for Real Estate website at www.wichita.edu/realestate.
Statewide forecast
Home sales – The majority of multiple listing services across the state have seen strong gains in home sales this year. As a result, sales across the state are expected to end 2013 up nearly 12 percent. Although the pace of growth should slow in 2014, sales should rise again by more than 5 percent to 37,820 units.
Construction – New home construction has risen sharply this year, led by especially strong gains in the Kansas City and Wichita markets. Permits should end 2013 up 24 percent. Permitting activity should rise another 4 percent in 2014, due primarily to growth in the Kansas City area.
Home prices – Dwindling inventories of homes available for sale across the state are finally beginning to affect home prices, with average home price appreciation across the state set to rise by nearly 2 percent in 2013. This trend should continue next year, with prices set to rise more than 2 percent in 2014.
For more information and a copy of each of the publications in the 2014 Kansas Housing Markets Forecast series, visit the Center for Real Estate website at www.wichita.edu/realestate, or contact Longhofer at 316-978-7163 or [email protected].
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