TOPEKA (KSNT) – Latest numbers are showing home prices setting another record in the United States. Kansas is seeing a similar trend as the rest of the country with the highest prices ever for many homes.
Houses aren’t lasting long when they go up for sale.
“The national housing market overall is very, very tight, said Linda Briden, CEO of Sunflower Association of Realtors. “The housing market’s been underbuilt for probably 10 to 15 years, maybe since 2008, the Great Recession.”
The Kansas Association of Realtors shows the average home sale price in August for the state was $272,197. That’s up 9 percent from this time last year.
Though national numbers show existing home sales are slowing slightly.
Experts have said the pandemic, inflation, low-interest rates, and high demand are all leading to increased prices. That’s hitting many people hard, but especially a certain group.
“Brand new home buyers have been saving, putting away money for a down payment for maybe five or six years, but it keeps kind of escalating out of their reach, they can’t quite get over that hump to get that down payment down to find something that’s suitable for them,” Briden said.
Briden said owning a home can be one of the best ways to grow wealth. Without it, other benefits to health, education and community involvement can be impacted.