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 October, mortgage rates increased slightly from the three-year lows seen in September. While the Federal Reserve reduced the federal-funds target rate by 0.25%, this decline was widely expected and largely factored into mortgage rates already, which are still approximately 1% lower than this time last year. Fannie Mae is predicting that continued low rates, and possibly lower rates, are expected in 2020.
As we begin the slower time of year for home sales, historically low mortgage rates will continue to support buyer demand and may create additional lift to home prices as excellent affordability gives buyers the ability to offer more to secure their dream home. Throughout much of the country, the continued low level of housing inventory also continues to constrain sales activity from where it would likely be in a balanced market.
Existing Homes Overview
Closed sales increased 1.7% to 3,105
Pending sales increased 10.6% to 3,046
Average sale price increased 3.4% to $226,776
Median sales price increased 3.2% to $196,000
Percent of original price remained flat at 96.2%
Days on market decreased 11.9% to 37
Inventory decreased 13.0% to 6,481
Supply decreased 8.3% to 2.2
New Homes Overview
Closed sales decreased 10.7% to 292
Pending sales increased 30.7% to 302
Average sales price decreased 1.5% to $407,356
Median sales price decreased 2.0% to $363,665
Percent of original price received decreased 0.4% to 100.8%
Days on market increased 25.6% to 147
Inventory decreased 9.8% to 1,880
Supply remained flat at 6.1
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.