Closed Sales increased 3.0 percent for Existing Homes homes but decreased 2.2 percent for New Construction homes. Pending Sales decreased 7.4 percent for Existing Homes homes but increased 11.8 percent for New Construction homes. Inventory increased 11.7 percent for Existing Homes homes and 3.1 percent for New Construction homes.
Median Sales Price increased 6.9 percent to $310,000 for Existing Homes homes and 6.2 percent to $558,075 for New Construction homes. Days on Market increased 12.9 percent for Existing Homes homes but decreased 15.6 percent for New Construction homes. Months Supply of Inventory increased 4.2 percent for Existing Homes homes but decreased 1.8 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 climbed 1.5% month-over-month and 4.1% yearover-year, reaching a seasonally adjusted annual rate of 4.06 million units, according to the National Association of REALTORS® (NAR). The increase was partly driven by falling mortgage rates, which recently hit their lowest level in more than a year. Regionally, monthly sales advanced in the Northeast, South, and West, while the Midwest experienced a slight decline.
Housing inventory edged up 1.3% from the previous month to 1.55 million units, 14.0% higher than the same period last year. This represents a 4.6month supply at the current sales pace, according to NAR. The median existing-home price grew 2.1% year-over-year to $415,200, continuing the trend of annual price gains. The Midwest saw the largest year-over-year increase in median sales price, followed by the Northeast and South, while prices remained mostly flat in the West.
In the Kansas City metro area, the year-to-date average home sales price is $382,587, and the median is $321,150, which hits well below the current national median of $415,200, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
