Wichita KS Realty News

August Home Buying Slows

august home buying grphic

Americans refrained from home-buying in August

WICHITA, KS:  (wichitaksrealty.news)

Inventories are drying up when it comes to the home-buying real estate market nationwide today. Cities like Wichita and St. Louis are witnessing tremendous growth and population expansion due to their availability in homes and low prices. But, like anything good, the supply is starting to run out, and the lack of inventory put quite the halt on home-buying this past August. With the shrinking inventory, sellers are pushing their prices up higher since they know they have significant control over desperate buyers today.

Housing in Wichita and the rest of the country has been a bright spot amid weak economic growth for much of this year. Sales totals continue to recover from the Great Recession. Buyers increasingly have pristine credit. But the primary weakness in housing has been a lack of properties for sale – a reflection of the lingering damage caused by the irreversible housing bubble that finally burst in 2008.

This past August, sales of homes nationwide slipped 0.9 percent to a seasonably adjusted annual rate of 5.33 million. It was the second straight monthly decline, and developers are scrambling to build homes, apartments, and complex buildings for the unmet demand today. Though they can’t meet it immediately, existing prices will now continue to increase as the inventory dwindles even in the face of new construction.

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Richard Wood

Richard Wood, our Editor and contributing Author shares his insights of the national economic data and helps identify trends in the economy and specifically how they effect the local real estate markets in and around Wichita Kansas.
With a top down approach, his focus starts with the Federal Reserve policy makers and their direction on interest rates. Employment, housing starts, and refinancing of current mortgages all come into play when trying to understand how they fit together. Even generational housing trends are important and will be discussed.
Richard brings more than 30 years of knowledge of these markets and will assist the reader in better understanding how they come in to play.