Wichita Housing Market is Looking Good

Wichita State University’s Center for Real Estate released their 2010 Kansas Housing Market Forecast yesterday. Here are the highlights:

• employment will continue to go down through the first quarter of 2010, then will recover slowly
• the Mortgage Bankers Association predicts that interest rates will continue to be low through 2011
• by then end of 2011, mortgage interest rates are predicted to be around 6.3%
• over the past 3 years, Wichita area home sales have fallen by over 30%
• Wichita area home sales should rise by 5.1% in 2010
• new home construction won’t rebound until 2011
• Kansas home sales will rise by 7.3% in 2010
• home prices in Kansas should rise by 1% in 2010
• the NE part of the state had the largest decline in home values

Overall things are looking good for Kansas, especially Wichita.