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)
In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three-quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.
With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.
Existing Homes Overview
Closed sales increased 16.5% to 2,632
Pending sales increased 7.3% to 1,926
Average sale price increased 6.4% to $233,023
Median sales price increased 10.2% to $203,795
Percent of original price increased 0.6% to 95.4%
Days on market decreased 8.5% to 43
Inventory decreased 21.3% to 4,750
Supply decreased 20.0% to 1.6
New Homes Overview
Closed sales increased 13.7% to 290
Pending sales increased 28.7% to 229
Average sales price decreased 1.1% to $418,583
Median sales price decreased 0.3% to $388,885
Percent of original price received decreased 0.7% to 100.4%
Days on market increased 19.4% to 129
Inventory decreased 14.2% to 1,834
Supply decreased 6.3% at 5.9
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.