Closed Sales decreased 5.1 percent for existing homes and 3.7 percent for new homes. Pending Sales increased 7.2 percent for existing homes and 8.1 percent for new homes. Inventory increased 14.2 percent for existing homes but decreased 15.6 percent for new homes.
The Median Sales Price was up 9.3 percent to $295,000 for existing homes but decreased 1.3 percent to $532,500 for new homes. Days on Market increased 25.0 percent for existing homes but decreased 27.9 percent for new homes. Supply increased 15.8 percent for existing homes but increased 10.0 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 slid 2.5% month-over-month and 4.2% year-over-year to a seasonally adjusted annual rate of 3.86 million units, according to the National Association of REALTORS® (NAR). Meanwhile, home prices have continued to reach record heights nationwide, with NAR reporting a median sales price of $416,700 as of last measure, a 3.1% increase from the same time last year and a new high for the month.
Amid slower home sales, inventory has continued to grow across the country. According to NAR, there were 1.35 million units for sale heading into September, a 0.7% increase from the previous month and a 22.7% jump from the same time last year. And while monthly existing-home sales were lower than expected this period, NAR Chief Economist Lawrence Yun believes that the rise in inventory, along with lower mortgage rates, should help sales improve in the months ahead.
In the Kansas City metro area, the year-to-date average home sales price is $356,894, and the median is $305,000, which hits well below the current national median of $416,700, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
