Local market updates from the 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)
Mortgage interest rates ticked a bit higher in February but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability.
For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
Existing Homes Overview
Closed sales increased 4.6% to 2,175
Pending sales decreased 6.3% to 2,526
Average sale price increased 20.4% to $262,233
Median sales price increased 13.9% to $222,500
Percent of original price received increased 3.3% to 98.4%
Days on market decreased 45.3% to 29
Inventory decreased 64.9% to 1,804
Supply decreased 70.6% to 0.5
New Homes Overview
Closed sales increased 22.0% to 305
Pending sales increased 4.7% to 515
Average sales price increased 15.2% to $459,393
Median sales price increased 12.3% to $412,960
Percent of original price received increased 2.2% to 102.7%
Days on market decreased 37.7% to 91
Inventory decreased 54.5% to 790
Supply decreased 63.6% to 2.0
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.