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)
With the kids back in school and the weather cooling, the housing market begins its annual cooldown as well. Nationally, buyer and seller activity remained strong, buoyed by low mortgage rates and a strong economy. The market fundamentals suggest no significant changes from recent trends, other than the seasonally tempered pace we see this time of year. As we move into the final three months of 2019, buyers will find fewer homes coming on the market, but also less competition for those homes.
In Washington there are discussions around a broad overhaul of the housing finance system, including the re-privatization of Fannie Mae and Freddie Mac and reforms to federal agencies involved with financing substantial portions of the mortgages made every year. Many of these policy conversations and eventual changes will take months or years to be implemented and their impact is not yet clear. While Halloween decorations are beginning to adorn homes around the country, the real estate market this fall is looking far from scary.
Existing Homes Overview
Closed sales increased 0.5% to 3,010
Pending sales increased 11% to 3,118
Average sale price increased 9.1% to $231,698
Median sales price increased 7% to $200,000
Percent of original price decreased 0.5% to 95.9%
Days on market decreased 5.3% to 36
Inventory decreased 13.5% to 6,541
Supply decreased 12% to 2.2
New Homes Overview
Closed sales increased 3.1% to 264
Pending sales increased 4.1% to 281
Average sales price increased 1.7% to $409,939
Median sales price increased 2.5% to $384,488
Percent of original price received decreased 0.8% to 100.6%
Days on market increased 4.4% to 141
Inventory decreased 6.8% to 1,880
Supply increased 1.7% to 6
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.