Even with elevated mortgage rates delivering a consistent headwind to demand and sales volume, Sedgwick County saw its fifth straight month of year-over-year home price increases in September, according to a new report. South Central Kansas MLS data, covering last month’s housing market activity, found the median sale price in the county rose 8.6%, compared to September 2022, to $240,000. That’s the largest year-over-year percentage increase since March’s 8.7% jump. Meanwhile, the decline in Sedgwick County sales volume versus 2022 didn’t let up, with September sales dropping 10.5% to 614 closed listings. So what’s maintaining the seller’s market with mortgage rates over 7% and overall sales dialing back? It’s all about inventory, according to Wichita State University’s Center for Real Estate and its recently-released 2024 Kansas Housing Markets Forecast.
Source: Wichita Business Journal
