WSU's 2012 Kansas Housing Markets Forecast released
Oct 14, 2011 8:00 AM | Print
Kansas home sales will begin to rise in 2012, but will remain below their 2009 level. So says the 2012 Kansas Housing Markets Forecast published Friday, Oct. 14, by the Wichita State University Center for Real Estate.
Longhofer will present the forecast at the 2012 Kansas Housing Markets Forecast Conference at the Wichita Marriott at 8:30 a.m. Friday, Oct. 14. He will be available for interviews after his presentation at about 10:30 a.m. Other speakers at the conference, co-hosted by the Wichita Area Builders Association, include Dan Jones with Capitol Federal Savings and Robert Denk with the National Association of Home Builders.
The 2012 Kansas Housing Markets Forecast reviews current housing market conditions in markets across the state – including Kansas City, Lawrence, Manhattan, Topeka and Wichita – and forecasts housing market activity through the end of 2012. The title of this year's forecast is "Navigating the Turbulence," reflecting the array of forces that have been buffeting housing markets recently.
Highlights of the 2012 Kansas Housing Markets Forecast include the following.
• Home sales – Home sales across Kansas have fallen in each of the past three years. This trend will likely continue in 2011, with sales ending the year down 1.8 percent to 28,250 units. Sales should begin to rise in 2012, increasing by 8.8 percent to 30,740 units.
• Home sales – Total home sales in the Kansas City area will rise slightly in 2011, ending the year up 0.5 percent at 23,060 units. Sales activity should rise again in 2012, up 6.7 percent to 24,610 units.
• Home sales – The home buyer tax credit "hangover" in the Lawrence market has been deeper and longer than many anticipated. As a result, total home sales in the Lawrence area are on pace to end 2011 down 14.5 percent at 1,060 units. Sales activity should begin to pick up in 2012, however, rising 8.5 percent to 1,150 units.
• Home sales – Home sales within the city of Manhattan have fallen slightly from the strong years of 2006 and 2007, but Manhattan remains a much stronger housing market than most across the state. Sales in the city of Manhattan will fall by 2.4 percent in 2011 to 570 units, but should rise modestly in 2011, up 1.8 percent to 580 units.
• Home sales – Total home sales in the Topeka area should rise by 2.8 percent in 2011 to 2,610 units. Sales will rise to 2,760 units in 2011, a 5.8 percent increase.
• Home sales – Home sales in the Wichita area fell to their lowest level in a decade last year and are on pace to fall another 5.6 percent in 2011 to 7,390 units. Sales should begin to rise in 2012, increasing by 10 percent to 8,130 units.
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