Closed Sales increased 7.6 percent for existing homes and 0.4 percent for new homes. Pending Sales increased 17.9 percent for existing homes and 12.3 percent for new homes. Inventory increased 14.4 percent for existing homes but decreased 15.5 percent for new homes.
The Median Sales Price was up 7.4 percent to $290,000 for existing homes and 0.8 percent to $529,900 for new homes. Days on Market increased 19.2 percent for existing homes but decreased 17.4 percent for new homes. Supply increased 15.8 percent for existing homes but increased 9.8 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 unexpectedly slipped 1.0% month-over-month and 3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the lowest level in more than a decade, according to the National Association of REALTORS® (NAR). Prospective buyers have pulled back in recent months, despite lower mortgage rates and more home choices compared to the same time last year.
There were 1.39 million homes for sale heading into October, a 1.5% increase from the previous month and a 23% increase from the same period last year, for a 4.3-month supply at the current sales pace, according to NAR. Even with improving supply and the slower sales pace, home prices have continued to rise nationwide, with NAR reporting a median existing-home price of $404,500 as of last measure, a 3% increase from one year ago.
In the Kansas City metro area, the year-to-date average home sales price is $356,841, and the median is $305,000, which hits well below the current national median of $404,500, keeping homeownership affordable in Kansas City!
All stats and information courtesy of KCRAR – the Kansas City Regional Association of Realtors®
