DECEMBER HOUSING MARKET STATISTICS  

Home sales in the region were up 18% over last month but down 5% from December of 2007.  Combined home prices decreased an average of 14% over last year.  

New home sales saw a 30% increase over last month, but a whopping 39% decrease over sales 1 year ago.  Average prices stayed mostly steady with only a 1% decrease from last December.  

Existing home sales were up in December 17% over last month and actually were up 3% over the same time last year.  Prices fell 11% over the previous year.    

We continue to see inventories shrink in both new and existing properties.  With the up tick in sales, we saw our months of supply drop from 11.2 months, all the way down to 8.8 months. New homes were still high with 15.2 months while existing home inventories were down to 8.8 months.  

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 2008. KCRAR is the "Voice for Real Estate in the Kansas City Area"  

MARKET COMMENTARY FOR DECEMBER 2008  

MARKET STATISTICS FOR DECEMBER 2008  

Should you want market statistics for your neighborhood, contact Ron Mowery Real Estate Professional at (913) 269-0479 or email him at Ron@JoCoHomesOnline.com