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 July, the U.S. economic expansion that began in June 2009 became the longest in the nation's history, marking 121 straight months of gross domestic product growth and surpassing the 120-month expansion from 1991 to 2001. The average rate of growth during this expansion has been a milder 2.3 percent per year compared to 3.6 percent during the 1990s. Although the economy should continue to perform well for the rest of 2019, most economists see a mild recession on the horizon.
During the record-setting 121-month economic expansion, the unemployment rate has dropped from 10.0 percent in 2009 to 3.7 percent, yet many consumers continue to struggle financially. Low mortgage interest rates have helped offset low housing affordability, but high home prices are outpacing median household income growth. In a move to stoke continued economic prosperity, the Federal Reserve reduced the benchmark interest rate by a quarter point to about 2.25 percent, marking the first reduction in more than a decade.
Existing Homes Overview
Closed sales decreased 0.1% to 3,775
Pending sales increased 5.6% to 3,748
Average sale price increased 6.5% to $242,411
Median sales price increased 9.1% to $215,000
Percent of original price received remained flat at 97.5%
Days on market decreased 8.8% to 31
Inventory decreased 11.9% to 6,393
Supply decreased 12.5% to 2.1
New Homes Overview
Closed sales decreased 6.8% to 327
Pending sales increased 6.1% to 296
Average sales price increased 8.2% to $425,231
Median sales price increased 8.0% to $384,900
Percent of original price received decreased 0.5%
Days on market increased 27.4% to 144
Inventory decreased 5.3% to 1,783
Supply increased 3.6% to 5.7
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.