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)
The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
Existing Homes Overview
Closed sales decreased 3.9% to 3,704
Pending sales increased 23.5% to 4,216
Average sale price increased 11.6% to $266,093
Median sales price increased 11.1% to $235,000
Percent of original price received increased 2.5% to 99.2%
Days on market decreased 20.6% to 27
Inventory decreased 53.2% to 3,396
Supply decreased 54.2% to 1.1
New Homes Overview
Closed sales increased 19.8% to 424
Pending sales increased 56.6% to 523
Average sales price increased 4.2% to $445,749
Median sales price increased 8.2% to $394,960
Percent of original price received increased 1.1% to 101.6%
Days on market increased 2.8% to 146
Inventory decreased 39.7% to 1,144
Supply decreased 45.9% to 3.3
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.