WICHITA, Kan. (KWCH) – Wichita State University has released its latest housing market forecast, which experts describe as a return to market conditions before the 2008 financial crisis, which they call the “old normal.” are.
The report, released Thursday, predicts home prices will rise by an average of 6% over the next year, resulting in a continued seller’s market.
WSU Real Estate Center Director Dr. Stanley Longhofer said the projections reflect broader trends seen across the state.
“The broad theme in the forecast across markets across the state is something of a return to some previous normal,” Longhofer said. “So, what I mean is somewhere I haven’t been in probably over 20 years.”
Sean Smith, a real estate agent with Keller Williams Signature Partners, said he’s already seeing an increase in home values.
“Over the past year and a half, we have seen a gradual increase in the number of homes for sale,” Smith said. “As a result, home values continue to rise.”
Mr Smith noted that despite a slight increase in available properties, housing supply remains low.
“We are still in a seller’s market, with less than six months of available housing inventory,” Smith said.
This scarcity continues to increase competition among buyers, despite facing relatively high interest rates compared to the past 15 years.
Longhofer said rising home values are a good sign, but higher values also mean higher property taxes and insurance premiums.
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