Closed Sales increased 10.9 percent for Existing Homes but decreased 5.1 percent for New Construction homes. Pending Sales decreased 5.6 percent for Existing Homes but increased 3.7 percent for New Construction homes. Inventory increased 15.7 percent for Existing Homes but decreased 3.5 percent for New Construction homes.
Median Sales Price increased 3.2 percent to $325,000 for Existing Homes but decreased 5.8 percent to $500,000 for New Construction homes. Days on Market increased 4.0 percent for Existing Homes but decreased 26.8 percent for New Construction homes. Months Supply of Inventory increased 9.5 percent for Existing Homes but decreased 5.4 percent for New Construction 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 edged up 0.8% month-over-month to a seasonally adjusted annual rate of 4.03 million units, exceeding economists’ expectations, although sales were down 0.7% year-over-year, according to the National Association of REALTORS® (NAR). On a monthly basis, sales increased in the Midwest, Northeast, and South but decreased in the West.
Heading into June, there were 1.54 million units for sale across the country, a 6.2% increase from the previous month and a 20.3% improvement over the same period last year, representing a 4.6-month supply at the current sales pace, according to NAR. Despite the additional supply, home prices have continued to rise nationwide, albeit at a slower pace than during the pandemic, climbing 1.3% year-over-year to $422,800 as of last measure.
In the Kansas City metro area, the year-to-date average home sales price is $377,846, and the median is $317,000, which hits well below the current national median of $422,800, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
