Wichita’s most expensive homes are selling fast. Here’s why.

The most expensive homes in the Wichita area are selling fast and the number of them available has fallen to levels not seen since before the Great Recession, according to a real estate analyst at Wichita State University.

Stan Longhofer, director of WSU’s Center for Real Estate, said the demand for homes that cost more than $500,000 and a limited supply of them were standouts of the 2021 Kansas Housing Markets Forecast, an annual report released this week. The change comes despite a pandemic and global recession that hasn’t yet negatively impacted home sales but could catch up in the next couple of years, Longhofer said.

For now, the housing market is booming, often causing “bidding wars.”

During the pandemic, labor and service sector jobs have seen bigger layoffs than office jobs that have more flexibility, he said. And people in those more flexible, usually higher-paid roles have been driving

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San Antonio home prices have increased twice as fast as local wages

A recent study from Construction Coverage says home prices in the San Antonio area increased twice as fast as local wages from 2014 to 2019.

The research company released its report Tuesday, stating that the average price for a house in the San Antonio-New Braunfels metro area grew by 32.2 percent during the five-year span, compared to only 16.1 percent for wages.

In 2019, the median home price for the San Antonio area was $204,558 while the median annual wage was $36,130.

READ ALSO: San Antonio apartments are among the smallest in Texas, study says

Data ranked the San Antonio-New Braunfels metro area at 34th on Construction Coverage’s list of major U.S. metros where home prices are outpacing wages. Texas cities also ranked in the list are No.6 Dallas (housing costs grew 3.7 times faster), No. 24 Houston (2.7 times faster) and No. 25 Austin (2.5 times faster).

Las Vegas

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