Closed Sales decreased 13.4 percent for existing homes and 9.3 percent for new homes. Pending Sales decreased 0.3 percent for existing homes and 20.9 percent for new homes. Inventory increased 12.6 percent for existing homes but decreased 14.4 percent for new homes.
The Median Sales Price was up 6.8 percent to $315,000 for existing homes but decreased 1.4 percent to $532,229 for new homes. Days on Market increased 31.6 percent for existing homes and 11.3 percent for new homes. Supply increased 20.0 percent for existing homes but increased 8.3 percent for new homes.
The majority of the Kansas City metro is still in a seller’s market, but not all areas are alike. Exact data varies from county to county, and for different home prices. There are now some price points and/or areas that are coming into a balanced or buyer’s market. Always consult with your Agent for personalized information. Email Miles Rost or Nicole Laufenberg with questions about the market in your current or future neighborhood. You can also call us at 913-451-4888.
NATIONAL NEWS
U.S. existing-home sales declined for the third consecutive month, as higher mortgage rates and rising sales prices hindered market activity during what has traditionally been one of the busiest months of the year. According to the National Association of REALTORS® (NAR), sales of previously owned homes dipped 0.7% month-over-month and 2.8% year-over-year, to a seasonally adjusted annual rate of 4.11 million units.
Nationally, total housing inventory grew 6.7% month-over-month to 1.28 million units heading into June, for a 3.7 months’ supply at the current sales pace, according to NAR. However, the increase in supply has yet to temper home prices, which have continued to rise nationwide. At last measure, the median existing-home price climbed to $419,300, a 5.8% increase from the same period last year and a record high for the month.
In the Kansas City metro area, the year-to-date average home sales price is $352,358, and the median is $300,000, which hits well below the current national median, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.
