Homes on the market in the Kansas City metro area are selling for an average of 99.6 percent of the original list price. That’s a 0.3 percent decrease from August 2022. Days on the market increased slightly to 33 days in August—compared to 20 days just one short year ago. Supply from the same time last year remains the same for existing homes, and increased 5.7 percent for new construction homes, for an increase of 5.9 percent on all of the residential supply combined.
Currently, there are less homes available in our market now than compared to this time last year. Looking at the total number of homes on the market last summer, there were 5,711 in June, 6,266 in July, and 6,322 in August of 2022. More recently, the August 2023 home inventory was at 5,359. In general we have seen inventory gradually increase in the past year, with a downshift this summer. However, with the August inventory up from July, we are hopeful that the coming months will bring more homes on the market in Kansas City.
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. 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
Higher mortgage rates, along with elevated sales prices and a lack of housing inventory, have continued to impact market activity during the summer homebuying season. The average 30-year fixed-rate mortgage has remained above 6.5% since May, recently hitting a two-decade high in August, according to Freddie Mac. As a result, existing-home sales have continued to slow nationwide, dropping 2.2% month-over-month as of last measure, with sales down 16.6% compared to the same time last year, according to the National Association of REALTORS® (NAR).
Falling home sales have done little to cool home prices, however, which have continued to sit at record high levels nationally thanks to a limited supply of homes for sale. According to NAR, there were 1.11 million homes for sale heading into August, 14.6% fewer homes than the same period last year, for a 3.3 months’ supply at the current sales pace. The shortage of homes for sale has boosted competition for available properties and is driving sales prices higher, with NAR reporting a national median existing-home price of $406,700, a 1.9% increase from a year earlier.
In the Kansas City metro area, the current average home sales price is $350,126, and the median is $296,000, which hits well below the current national median, keeping homeownership affordable in Kansas City.
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®.
