Closed Sales increased 9.8 percent for existing homes but decreased 7.1 percent for new homes. Pending Sales increased 6.6 percent for existing homes and 14.4 percent for new homes. Inventory increased 17.5 percent for existing homes but decreased 17.6 percent for new homes.
The Median Sales Price was up 5.8 percent to $290,000 for existing homes and 1.4 percent to $545,303 for new homes. Days on Market increased 24.1 percent for existing homes but decreased 21.4 percent for new homes. Supply increased 16.7 percent for existing homes but increased 12.9 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 rose 3.4% month-over-month and 2.9% year-over-year to a seasonally adjusted annual rate of 3.96 million units, exceeding economists’ expectations for the month and marking the first annual gain since July 2021, according to the National Association of REALTORS® (NAR). Lower mortgage rates in late summer and early fall helped sales increase across all four regions.
The number of homes for sale continues to improve nationwide, climbing 0.7% month-over-month and 19.1% year-over-year to 1.37 million units heading into November, for a 4.2-month supply at the current sales pace, according to NAR. Despite a wider selection of properties on the market, sales prices have remained strong at the national level, with a median existing home price of $407,200 as of last measure, a 4% increase from the same time last year.
In the Kansas City metro area, the year-to-date average home sales price is $357,455, and the median is $305,000, which hits well below the current national median of $407,200, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
