Closed Sales increased 0.4 percent for existing homes but decreased 5.9 percent for new homes. Pending Sales increased 6.4 percent for existing homes but decreased 6.7 percent for new homes. Inventory increased 15.3 percent for existing homes but decreased 0.7 percent for new homes.
The Median Sales Price was up 5.4 percent to $315,000 for existing homes and 1.7 percent to $534,098 for new homes. Days on Market increased 20.0 percent for existing homes but decreased 3.6 percent for new homes. Supply increased 15.0 percent for existing homes but increased 1.9 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 dipped 0.5% month-over-month and 2.0% year-over-year to a seasonally adjusted annual rate of 4.00 million units, according to the National Association of REALTORS® (NAR). Sales increased in the Midwest, decreased in the West and Northeast, and were unchanged in the South. Year-over-year, sales were down in every region except the Northeast.
There were 1.45 million units actively for sale heading into May, a 9.0% increase from the previous month and a 20.8% improvement from the same time last year, for a 4.4-month supply at the current sales pace, according to NAR. The median existing-home price edged up 1.8% year-over-year to $414,000 as of last measure, the 22nd consecutive month of annual price increases and a new record high for the month.
In the Kansas City metro area, the year-to-date average home sales price is $373,512, and the median is $310,000, which hits well below the current national median of $414,000, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
