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 November, the Federal Reserve reduced its benchmark rate for the third time this year. This action was widely anticipated by the market. Mortgage rates have remained steady this month and are still down more than 1% from last year at this time. Residential new construction activity continues to rise nationally. The U.S. Commerce Department reports that new housing permits rose 5% in October to a new 12-year high of 1.46 million units.
While many economic signs are quite strong, total household debt has been rising for twenty-one consecutive quarters and is now $1.3 trillion higher than the previous peak of $12.68 trillion in 2008. While delinquency rates remain low across most debt types (including mortgages), higher consumer debt loads can limit future household spending capability and increase risk if the economy slows down.
Existing Homes Overview
Closed sales decreased 6.3% to 2,629
Pending sales increased 17.6% to 2,550
Average sale price increased 4.6% to $229,306
Median sales price increased 5.3% to $200,000
Percent of original price increased 0.6% to 95.9%
Days on market decreased 4.8% to 40
Inventory decreased 18.7% to 5,774
Supply decreased 17.4% to 1.9
New Homes Overview
Closed sales decreased 22.5% to 252
Pending sales increased 18.7% to 241
Average sales price increased 10.9% to $446,419
Median sales price increased 1.4% to $372,520
Percent of original price received decreased 0.1% to 100.9%
Days on market increased 11.7% to 124
Inventory decreased 10.9% to 1,920
Supply remained flat at 6.3
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.