Closed Sales decreased 9.2 percent for Existing Homes but increased 16.9 percent for New Construction homes. Pending Sales decreased 3.5 percent for Existing Homes but increased 10.3 percent for New Construction homes. Inventory increased 10.3 percent for Existing Homes and 0.9 percent for New Construction homes.
Median Sales Price increased 6.6 percent to $309,000 for Existing Homes but decreased 10.4 percent to $488,100 for New Construction homes. Days on Market increased 5.7 percent for Existing Homes but decreased 4.9 percent for New Construction homes. Months Supply of Inventory increased 4.5 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. sales of existing homes rose 1.2% from the previous month to a seasonally adjusted annual rate of 4.10 million, according to the National Association of REALTORS® (NAR), as buyers took advantage of lower mortgage rates this fall. Sales increased in the Midwest and South, held steady in the Northeast, and edged down in the West. Year-over-year, sales were up 1.7%, with gains in the Northeast, Midwest, and South, while the West posted a decline.
Nationally, inventory dipped 0.7% month-over-month but rose 10.9% year-over-year, totaling 1.52 million units, according to NAR. At the current sales pace, supply stands at 4.4 months, slightly below last month’s level but higher than the 4.1 months recorded a year ago. Supported by modest inventory levels, prices continue to rise, with the national median existing home price increasing 2.1% year-over-year to $415,200, marking 28 consecutive months of annual gains.
In the Kansas City metro area, the year-to-date average home sales price is $383,029, and the median is $322,000, 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®
