WICHITA, Kan. – Wichita State University’s Center for Real Estate has released their annual Housing Forecast for Kansas.
The report shows that housing prices should rise by an average of 6.3% statewide this year. In the Wichita area, prices are expected to rise by 3.8% by the end of the year, and 4.6% in 2019.
New home construction in 2017 was strong, except in Wichita, where it remained stagnant for the 6th straight year. Statewide, new home construction is expected to drop by 4.2% by the end of the year, and decrease by an additional 1.3% in 2019.
At least part of that is blamed on increased construction costs, which are pushing buyers to purchase existing homes. In the Wichita area, existing home sales are expected to increase 1.4% next year, despite shrinking inventory.
To read the full report, click here.
