REMI issued its observations on a study released recently by researchers at Wichita State University forecasting substantial growth for the housing market in 2013, asserting that it would help real estate sellers in the area as the prices and demand grow into the coming year.
Economic researchers at the University of Wichita released a forecast last week entitled “Picking Up Steam,” examining trends in the Kansas housing market this year and using them to make predictions about the economy in the coming year. According to the study, Kansas home sales are already on the upswing in 2012, to the tune of 13 percent, and are expected to rise another 6.3 percent next year. Home prices are rising by around 2 percent statewide so far this year, and next year another 1.5 percent appreciation is expected.
Researchers attributed this growth to realtor marketing and what Bloomberg Businessweek called “pent-up demand” due to the collapse a few years ago of the housing market, which took a steep toll on the Kansas economy. Signs show that some effects from this collapse are still being felt; among this great news about the economy, the forcecast predicts that construction in Kansas will fall by 7 percent in 2013, mostly due to high building costs and a plethora of relatively new homes already on the market.
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