WICHITA, Kan. (KSNW0 – The Kansas housing market is seeing a shift. A new forecast from Wichita State University says prices will go up 6% across the state, but low inventory of houses continues to be an issue. KSN spoke with researchers and a local developer.
House prices in Kansas are going up. Dr. Stan Longhofer with the Center for Real Estate at WSU says we’re still dealing with the effects of the housing crisis from 2008.
“Those homes that we didn’t build in 2010, 11 and 12, those would be the move-up homes that would be out in the market right now that buyers who had bought first-time homes, now they’re moving up to their next home,” said Longhofer.
Paul Gray, founder of Paul Gray Homes , says they see the same concern.
“Over the last 15 years, we haven’t built at the rate to keep up with population growth,” said Gray.
How spiders can affect weather data
The WSU study found that the housing market right now is healthy.
“In some ways the market is more balanced because buyers are not being panicked about the lack of inventory, but it’s still pretty strong appreciation because of the shortage of supply,” said Longhofer.