Closed Sales decreased 5.4 percent for existing homes and 0.7 percent for new homes. Pending Sales decreased 2.8 percent for existing homes and 11.2 percent for new homes. Inventory increased 12.0 percent for existing homes but decreased 7.4 percent for new homes.
The Median Sales Price was up 5.7 percent to $280,000 for existing homes but decreased 7.5 percent to $495,000 for new homes. Days on Market increased 22.2 percent for existing homes but decreased 28.7 percent for new homes. Supply increased 11.8 percent for existing homes but decreased 8.8 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 rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the South and the West but decreased in the Northeast, while sales in the Midwest remained unchanged from one month earlier.
Heading into March there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
In the Kansas City metro area, the year-to-date average home sales price is $353,847, and the median is $300,000, which hits well below the current national median of $403,700, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
