Closed Sales increased 13.9 percent for existing homes and 29.2 percent for new homes. Pending Sales decreased 9.9 percent for existing homes but increased 3.1 percent for new homes. Inventory increased 15.2 percent for existing homes but decreased 17.8 percent for new homes.
The Median Sales Price was up 10.3 percent to $290,000 for existing homes but decreased 0.8 percent to $500,000 for new homes. Days on Market increased 21.9 percent for existing homes but decreased 23.9 percent for new homes. Supply increased 12.5 percent for existing homes but increased 16.1 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 improved for the second consecutive month, rising 4.8% to a seasonally adjusted annual rate of 4.15 million units, an eight-month high, according to the National Association of REALTORS® (NAR). Sales were up 6.1% compared to the same time last year, marking the largest year-over-year increase since June 2021. Economists had forecast existing-home sales would come in at an annual rate of 4.07 million units for the month.
Total housing inventory stood at 1.33 million units heading into December, a 2.9% decrease from the previous month but a 17.7% increase year-over-year, for a 3.8-month supply at the current sales pace. Inventory remains below the 5 – 6 months’ supply of a balanced market, and the limited number of homes for sale continues to put upward pressure on sales prices nationwide, with NAR reporting a median existing-home price of $406,100, a 4.7% increase from one year earlier.
In the Kansas City metro area, the year-to-date average home sales price is $357,858, and the median is $305,000, which hits well below the current national median of $406,100, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
