In spite of a sluggish economy, Wichita home sales are expected to rise for the sixth straight year, according to the latest housing forecast from the Wichita State University Center for Real Estate.
The report says Wichita home sales should rise 5.8 percent by the end of this year and another 5 percent in 2017. Director Stan Longhofer says overall, the housing forecast looks very solid.
"We've been in a nice, steady long run of sales gains where the housing market has just continued to improve and continued to improve," he says. "Probably the most defining characteristic of the housing market right now are the incredibly tight inventories. They're the lowest inventories relative to sales that we’ve seen in history in this market."
Longhofer says move-in-ready homes in some areas are selling in two to three days, with multiple offers. He says new home construction is up in the Kansas City area this year by 22 percent--but remains flat in the Wichita area.
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Carla Eckels is assistant news director and the host of Soulsations. Follow her on Twitter @Eckels.
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