November 1, 2014

Home sales slowed in Kansas in June

Gene Meyer
Kansas Reporter
TOPEKA — Home sales in Kansas slowed in June, just as they did in the rest of the nation, Realtors report.

The winding down of national home buyers’ tax credit programs in April contributed to the slower sales, industry executives said.

Kansas home sales totaled 3,359 units in June, barely changed from 3,355 a month earlier and up 1 percent from the 3,327 units sold in May, 2009, the Kansas Association of Realtors said Friday.

Home prices also improved modestly from year earlier levels, to a statewide average $169,402 from $168,313 last year, the Topeka association reported.
“The last of the tax credit-induced sales are working through the system, so we expect to see less activity through the rest of the summer,” said Brian Jones, a Pittsburg Realtor and state association president.

“The good news is that overall, for the state of Kansas, the sales for June 2010 were higher than in 2009, even with the expiration of the credit,” Jones said.
Broadly comparable U.S. sales of existing homes fell 5.1 percent from month earlier levels, to a seasonally adjusted 5.37 million units during June, but remained 9.8 percent higher than in May, 2009, the National Assocation of Realtors reported separately.

National sales are likely to continue to ebb this summer as sales that were made, but not closed before the homebuyer’s credits expired, continue to work through the system, said Lawrence Yun, the national association’s chief economist.

“Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels,” Yun said.

In another indication of uncertain markets, the inventory of listed on the market for sale increased to a 5.7 month supply in Kansas from 5.6 months in May, and to an 8.9 month supply from a month-earlier 5.3 month supply nationally, the two groups reported.

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