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)
As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities. ShowingTime is closely monitoring the situation and releasing daily updates on changes in showing activity. You can see national and state showing activity trends here.
Existing Homes Overview
Closed sales increased 3.2% to 2,659
Pending sales decreased 0.8% to 3,338
Average sale price increased 6.8% to $236,456
Median sales price increased 6.9% to $208,500
Percent of original price increased 1.0% to 97.1%
Days on market decreased 17.3% to 43
Inventory decreased 22.7% to 4,281
Supply decreased 22.2% to 1.4
New Homes Overview
Closed sales increased 31.3% to 378
Pending sales decreased 6.9% to 403
Average sales price increased 3.2% to $400,403
Median sales price increased 0.9% to $368,925
Percent of original price received increased 0.2% to 100.5%
Days on market increased 15.7% to 177
Inventory decreased 19.0% to 1,610
Supply decreased 19.4% to 5.0
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.