Closed Sales decreased 1.0 percent for existing homes but increased 2.8 percent for new homes. Pending Sales decreased 2.4 percent for existing homes and 14.0 percent for new homes. Inventory increased 13.5 percent for existing homes but decreased 5.2 percent for new homes.
The Median Sales Price was up 3.9 percent to $296,000 for existing homes but decreased 9.2 percent to $489,925 for new homes. Days on Market increased 9.7 percent for existing homes but decreased 17.4 percent for new homes. Supply increased 16.7 percent for existing homes but increased 7.3 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 decreased 5.9% month-over-month and 2.4% year-over-year to a seasonally adjusted annual rate of 4.02 million units, according to the National Association of REALTORS® (NAR), as affordability challenges and economic uncertainty weigh on market activity. Sales were down month-over-month in all four regions, with the West experiencing the largest decline, at 9.4%.
Total housing inventory increased 8.1% month-over-month for a total of 1.33 million units heading into April, equivalent to a 4.0-month supply at the current sales pace, according to NAR. Although inventory is up nearly 20% from the same time last year, the additional supply has had little effect on home prices across much of the country, with the national median existing-home price climbing 2.7% year-over-year to $403,700 as of last measure.
In the Kansas City metro area, the year-to-date average home sales price is $356,618, and the median is $305,000, 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®
