Closed Sales decreased 5.5 percent for existing homes but increased 12.4 percent for new homes. Pending Sales decreased 12.0 percent for existing homes and 17.4 percent for new homes. Inventory increased 10.7 percent for existing homes but decreased 11.0 percent for new homes.
The Median Sales Price was up 6.7 percent to $280,000 for existing homes but decreased 8.8 percent to $475,843 for new homes. Days on Market increased 9.1 percent for existing homes but decreased 19.2 percent for new homes. Supply increased 6.2 percent for existing homes but decreased 11.9 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 fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
In the Kansas City metro area, the year-to-date average home sales price is $349,327, and the median is $300,000, which hits well below the current national median of $396,900, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
