Home Prices Up in Wichita

Wichita home prices increased 0.94 percent in January compared to the same month last year, according to real estate data company First American CoreLogic.

Home prices in December had decreased by 1.38 percent.

First American projects home prices here will increase during the next 12 months by 1.71 percent. Nationally, home prices should increase by 4.5 percent during the next year.

Source: Wichita Business Journal

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WSU Forecast - Housing Market is Improving

Wichita State University's Stan Longhofer says the local housing market slowly is healing and will see home sales increase this year by 5.1 percent.

Longhofer, director of WSU’s Center for Real Estate, released his 2010 housing forecast on Friday. He says the market appeared to bottom out in early 2009. Seasonally adjusted sales steadily have been improving since then, even though year-over-year monthly sales have shown steady declines.

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2010 Kansas Housing Market Forcast, by WSU Center for Real Estate

Source: Wichita Business Journal, by Chris Moon, Friday, March 5, 2010 and WSU Center for Real Estate

Wichita Area Ranks 27th in Housing Affordability

The Wichita area ranks 27th in a survey of nationwide housing affordability.

Wichita remains one of the nation's most affordable housing markets, according to a recent study by the National Association of Home Builders, Wells Fargo and Forbes magazine.

Their housing opportunity index for the fourth quarter of 2009 ranks Wichita 27th nationally, with 90.9 percent of new and existing homes in the area affordable to families earning the area's median income of $62,900.

Nationally, the index closed at one of its highest recorded levels, the NAHB said, with 70.8 percent of homes affordable to families earning the national median income of $64,000.

Slowly appreciating home prices and relatively few foreclosures keep Wichita among the nation's most affordable housing markets, local experts said.

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Source: Wichita Eagle, by Bill Wilson, Thursday, March 4, 2010