Closed Sales decreased 1.9 percent for existing homes and 3.7 percent for new homes. Pending Sales increased 6.1 percent for existing homes and 4.2 percent for new homes. Inventory increased 18.3 percent for existing homes but decreased 13.6 percent for new homes.
The Median Sales Price was up 2.8 percent to $293,000 for existing homes but decreased 1.1 percent to $507,900 for new homes. Days on Market increased 13.0 percent for existing homes but decreased 13.8 percent for new homes. Supply increased 23.5 percent for existing homes but increased 8.5 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 increased for the first time in 5 months, as lower mortgage rates and rising supply helped boost market activity. According to the National Association of REALTORS® (NAR), sales of previously owned homes rose 1.3% month-over-month to a seasonally adjusted annual rate of 3.95 million units, exceeding economists’ expectations and ending the downward trend of recent months.
Nationally, total housing inventory edged up 0.8% from the previous month to 1.33 million units heading into August, for a 4.0-month supply at the current sales pace, NAR data shows. Although inventory is up nearly 20% compared to the same time last year, demand continues to outpace supply, putting upward pressure on sales prices. According to NAR, the nationwide median existing-home price rose 4.2% year-over-year to $422,600 at last measure, marking the 13th consecutive month of annual price increases.
In the Kansas City metro area, the year-to-date average home sales price is $355,985, and the median is $305,000, which hits well below the current national median of $422,600, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
