Closed Sales increased 5.2 percent for existing homes and 1.9 percent for new homes. Pending Sales decreased 0.5 percent for existing homes but increased 0.7 percent for new homes. Inventory increased 16.3 percent for existing homes but decreased 15.3 percent for new homes.
The Median Sales Price was up 7.8 percent to $303,000 for existing homes and 0.9 percent to $549,975 for new homes. Days on Market increased 4.5 percent for existing homes but decreased 17.1 percent for new homes. Supply increased 18.8 percent for existing homes but increased 10.2 percent for new 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 5.4% month-over-month and 5.4% year-over-year to a seasonally adjusted annual rate of 3.89 million units, with monthly sales down in all four regions, according to the National Association of REALTORS® (NAR). Higher mortgage rates, along with rising sales prices, have kept many prospective buyers on the sidelines, despite more home choices and less competition for those homes.
Home prices have maintained their upward trend across much of the country, even as sales slow and inventory improves. According to NAR, the national median existing-home sales price climbed 4.1% year-over-year to $426,900 as of last measure, an all-time high. Meanwhile, total housing inventory increased 3.1% month-over-month to 1.32 million units heading into July, the highest level since 2020, for a 4.1-month supply at the current sales pace.
In the Kansas City metro area, the year-to-date average home sales price is $355,015, and the median is $304,075, which hits well below the current national median of $412,300, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®, except the national median home sale price, which is courtesy of the Federal Reserve Economic Data.
