Local market updates from Kansas City Regional Association of Realtors (KCRAR) provide a closer look at the current market conditions in the Kansas City metro area. Whether you're a buyer or seller, visit Better Homes and Gardens Real Estate Kansas City Homes' Better Living Blog each month to stay updated on the latest home sale trends.
Monthly Indicator Analysis from Kansas City Regional Association of Realtors (KCRAR)
As the summer draws to a close, multiple opposing factors and trends are competing to define the direction of the real estate market. After the Federal Reserve lowered its benchmark interest rate on July 31, 30-year mortgage rates continued to decline, approaching all-time lows last seen in 2016. Yet most experts agree these reductions are unlikely to bring sufficient relief, at least in the short term, for first-time home buyers. The lack of affordable inventory and the persistence of historically high housing prices continue to affect the housing market, leading to lower-than-expected existing home sales at the national level.
As many homeowners refinanced their homes to take advantage of declining interest rates, consumer confidence in housing was reported to be at historically high levels. Even so, real estate professionals will need to monitor the market for signs of continued imbalances. Although the inventory of affordable homes at this point remains largely stable, it is stable at historically low levels, which may continue to push prices higher and affect potential buyers across the U.S.
Existing Homes Overview
Closed sales decreased 3.5% to 3,724
Pending sales increased 5.5% to 3,521
Average sales price increased 6.1% to $239,093
Median sales price increased 12.1% to $213,000
Percent of original price increased 0.1% to 96.8%
Days on market decreased 8.1% to 34
Inventory decreased 13% to 6,544
Supply decreased 8.3% to 2.2
New Homes Overview
Closed sales increased 2.6% to 349
Pending sales increased 13% to 313
Average sales price increased 4.6% to $426,114
Median sales price decreased 0.8% to $365,000
Percent of original price received decreased 1.6% to 100.5%
Days on market increased 20.2% to 143
Inventory decreased 7.9% to 1,820
Supply increased 1.8% to 5.8
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.