Closed Sales increased 1.4 percent for Existing Homes homes and 3.6 percent for New Construction homes. Pending Sales decreased 0.1 percent for Existing Homes homes and 7.6 percent for New Construction homes. Inventory increased 13.0 percent for Existing Homes homes and 0.4 percent for New Construction homes.
Median Sales Price increased 7.2 percent to $325,000 for Existing Homes homes but decreased 3.7 percent to $524,012 for New Construction homes. Days on Market increased 26.1 percent for Existing Homes homes but decreased 29.8 percent for New Construction homes. Months Supply of Inventory increased 9.1 percent for Existing Homes homes but decreased 1.9 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 fell 2.7% from the previous month to a seasonally adjusted annual rate of 3.93 million, according to the National Association of REALTORS® (NAR). Sales were unchanged from one year earlier. Regionally, monthly sales declined in the Midwest, Northeast, and South but rose in the West. Year-over-year, sales decreased in the Northeast and West but increased in the South and Midwest.
Nationally, the median existing-home sales price rose 2.0% year-over-year to $435,300, a new monthly high and the 24th consecutive month of annual price gains, according to NAR. Slower sales activity has contributed to rising inventory this year, with 1.53 million properties listed for sale heading into July, a 15.9% increase from the same time last year and equivalent to a 4.7-month supply at the current sales pace.
In the Kansas City metro area, the year-to-date average home sales price is $381,083, and the median is $320,000, which hits well below the current national median of $435,300, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
