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)
For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.
We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.
Existing Homes Overview
Closed sales increased 3.9% to 1,869
Pending sales increased 11.8% to 2,504
Average sale price increased 1.8% to $219,029
Median sales price increased 2.7% to $190,000
Percent of original price decreased 0.1% to 94.6%
Days on market remained flat at 52
Inventory decreased 24.4% to 4,407
Supply decreased 26.3% to 1.4
New Homes Overview
Closed sales increased 2.3% to 224
Pending sales increased 37.0% to 378
Average sales price increased 8.7% to $429,822
Median sales price increased 8.7% to $380,425
Percent of original price received decreased 0.2% to 100.8%
Days on market increased 3.1% to 131
Inventory decreased 16.2% to 1,845
Supply decreased 10.6% to 5.9
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.