JULY HOUSING MARKET STATISTICS

New Home Sales were down 40% from 1 year ago, and down 6% over the past month.  However, the average price is 2% higher.  New homes represent approximately 13% of overall home sales in the KC metro area.

Existing Home Sales were down 4% from 1 year ago, but up 3% from last month.  Average Prices were lower by 8% from one year ago.

New Home inventory decreased slightly this month with 3,766 homes in inventory compared to 3,910 new homes on the market last month. The good news is the new home inventory for the region is 24% lower than it was a year ago at this time when there were 4,937 new homes on the market. Existing home inventory is down 1% from a month ago and 4% from a year ago.  New and existing home inventories are down 8% over past year.

Supply in the Region has been steadily decreasing since January. Supply for combined new and existing homes decreased from an 7.4 months supply last month to 7.1 months supply this month. The existing home supply also decreased from 6.8 months in June to 6.5 months in July; and the new homes supply increased over the past month from 11.5 months of supply in June to 11.8 months supply in July. Even though there were small changes, we are still experiencing a buyer's edge in both the new home market and in the existing home market.  

Generally speaking, a 5-6 month supply of homes on the market equates to a "balanced" market. When the 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 2008. KCRAR is the "Voice for Real Estate in the Kansas City Area"

MARKET COMMENTARY FOR JULY 2008

MARKET STATISTICS FOR JULY 2008

Should you want market statistics for your neighborhood contact Ron Mowery (913) 269-0479 or Ron@JoCoHomesOnline.com