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)
October continued to be busier than the calendar normally suggests. Buyer activity remains higher than normal for this time of year, while in many segments of the market, housing supply remains much lower than one year ago. Multiple offers remain a common occurrence in many areas, keeping housing hot while the temperatures continue to fall.
Mortgage rates dropped to new record lows again in October, helping to offset the monthly mortgage payment increases caused by the rise in home prices seen in many segments of the market across the country. While prices often dip a bit in the winter months, continued buyer demand may temper any price retreats this year.
Existing Homes Overview
Closed sales increased 17.9% to 3,781
Pending sales increased 25.1% to 3,677
Average sale price increased 17.4% to $264,612
Median sales price increased 19.9% to $233,750
Percent of original price received increased 2.9% to 98.9%
Days on market decreased 37.8% to 23
Inventory decreased 46.9% to 3,823
Supply decreased 50.0% to 1.2
New Homes Overview
Closed sales increased 39.7% to 422
Pending sales increased 35.3% to 422
Average sales price increased 9.6% to $443,525
Median sales price increased 8.4% to $394,000
Percent of original price received increased 1.0% to 101.8%
Days on market decreased 25.0% to 108
Inventory decreased 43.5% to 1,113
Supply decreased 52.4% to 3.0
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.