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)
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to Freddie Mac, mortgage rates have been below 3.3 percent for more than four weeks and are hovering near all-time lows, spurring strong interest by buyers and lifting showing activity up 4% nationally versus a year ago in the final week of May.
Buyers have been quicker to return to the housing market in force than sellers, who have been showing a bit more reluctance to list their homes than is typical for this time of year. But trends are improving and as states and localities continue to moderate their COVID-19 policies, real estate activity is expected to continue to improve in the coming weeks.
Existing Homes Overview
Closed sales decreased 24.1% to 2,923
Pending sales increased 5.6% to 4,084
Average sale price increased 0.1% to $240,699
Median sales price remained flat at $215,000
Percent of original price received remained flat at 98.0%
Days on market decreased 2.9% to 33
Inventory decreased 39.9% to 3,956
Supply decreased 40.9% to 1.3
New Homes Overview
Closed sales decreased 12.9% to 364
Pending sales increased 24.2% to 482
Average sales price remained flat at $401,071
Median sales price decreased 1.1% to $364,448
Percent of original price received increased 0.4% to 101.1%
Days on market decreased 20.3% to 141
Inventory decreased 24.8% to 1,469
Supply decreased 24.6% to 4.6
Report provided by Kansas City Regional Association of REALTORS®. All data from Heartland Multiple Listing Service.