Sedgwick County home prices appreciated by 3.34 percent between the second quarters of 2007 and 2008, according to new figures released by the Center for Real Estate at Wichita State University.

For the quarter, home prices appreciated by 1.60 percent, which translates into an annualized increase of 6.57 percent.

"Wichita area home prices rebounded solidly in the second quarter of this year," said Stan Longhofer, director of the WSU Center for Real Estate. "Although there is still some weakness in the lower end of the market, the tight inventories are resulting in price pressure in the middle and upper price ranges."

Overall, home prices in Sedgwick County have risen at an average annual rate of 3.10 percent during the past five years. In contrast, prices of other goods and services have risen by 3.55 percent per year over the same time frame.

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