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)
Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more than 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.
Existing Homes Overview
Closed sales increased 7.0% to 4,152
Pending sales increased 11.1% to 4,029
Average sale price increased 10.7% to $267,569
Median sales price increased 9.3% to $234,950
Percent of original price received increased 1.5% to 98.9%
Days on market decreased 9.4% to 29
Inventory decreased 47.1% to 3,757
Supply decreased 50% to 1.2
New Homes Overview
Closed sales decreased 40.1% to 468
Pending sales increased 72.1% to 537
Average sales price increased 0.9% to $428,735
Median sales price remained flat at $384,900
Percent of original price received decreased 0.2% to 101.1%
Days on market increased 3.4% to 150
Inventory decreased 34.9% to 1,225
Supply decreased 40% to 3.6
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.