Johnson County housing market remains strong

Johnson County’s housing market recorded another strong month in November despite a dip in home sales.

The latest data from the County Economic Research Institute showed a continued surge in both the average prices of homes sold and in permits for new single-family home construction. Indeed, the housing market in Johnson County has rebounded significantly over the past two years following the housing bubble in 2007 that contributed to the deep recession.

In November, the average sales price of both new and previously owned homes climbed 14.5 percent to $283,800 compared with the same month in 2012. The average new home sold for $402,100, while the average previously owned home sold for $260,800, CERI said.

Building permits for single-family homes climbed nearly 55 percent in November to 161 compared with a year earlier.

The final housing snapshot for November — total home sales — showed a slight 2.5 percent decline to 676 properties. That compared with 693 sales in November 2012.

Other economic indicators from the latest CERI report:

• The number of county residents employed in November was up slightly to 286,300 from 285,451 a year earlier.

• The county’s unemployment rate in November was 4.1 percent, down from 4.5 percent in November 2012. For comparison, the unemployment rate in Kansas was 4.4 percent in November.

• The number of businesses incorporated in the county climbed to a five-year high of 5,440 for all of 2013. The previous high was 5,083 in 2012.

This story was originally published January 28, 2014 at 11:00 AM with the headline "Johnson County housing market remains strong."