NOVEMBER HOUSING MARKET STATISTICS
The average new home price this month is 14% lower than one year ago, and the average existing home price is up 9% from one year ago. The average price for combined (new and existing) homes in the region is up 3% over November 2008.
New home sales increased 52%, existing home sales increased 63%, and combined total sales were up 62% over last year. This represents a 16% increase in new home sales, 5% decrease in existing home sales and a combined total sales decrease of 4% from last month.
New home inventory continues its steady decrease again this month and is 38% lower than last year. Resale inventory is 4% lower than a month ago and is 7% lower than it was last year. New and existing inventory combined is 4% lower than last month and is 13% lower than last year.
Supply for combined new and existing homes dropped again to a 6.8 month's supply for November. The existing homes supply dropped to 6.5 months, and new homes supply rose to to 10.2 months. A slight buyer's edge is still present in the existing homes markets, and a considerable buyer's edge is present in the new homes market.
Generally speaking, a 5-6 month supply of homes on the market is a balanced market. When supply exceeds 6 months, the market begins to favor buyers and when the supply is less than 5 months, the market tends to favor sellers.
Source: Kansas City Regional Association of REALTORS and Heartland Multiple Listing Service
Copyright 2009. KCRAR is the "Voice for Real Estate in the Kansas City Area"
MARKET COMMENTARY FOR NOVEMBER 2009
MARKET STATISTICS FOR NOVEMBER 2009
Should you want market statistics for your neighborhood, contact Ron Mowery, Real Estate Professional at (913) 269-0479 or email him at Ron@JoCoHomesOnline.
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