JULY HOUSING MARKET STATISTICS
The average new home price this month is 2% higher than one year ago, and the average existing home price this month is almost the same as one year ago.
The average price for combined (new and existing) homes in the region is down 1% over July 2008.
Both new and existing home sales increased for the sixth month in a row.
New home sales increased 4% over the past month and are up 85% since January. This represents an 18% decrease from one year ago.
Existing home sales increased 4% over last month and are up 134% since January. This represents a 3% increase from one year ago.
New home inventory continues its steady decrease again this month and is 34% lower than last year. Resale inventory is 1% lower than a month ago and is 12% lower than it was last year. New and existing inventory combined is slighly lower than last month and is 17% lower than last year.
Supply in the region showed little change over the past month. Supply for combined new and existing homes showed an 8 month's supply for July compared to 8.1 in June. The existing homes supply dropped slightly to 7.6 months from 7.7 in June, and the new homes supply dropped from 11.5 in June to 11.2 this month. A buyer's edge is still present in both the new and existing home markets.
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 JULY 2009
MARKET STATISTICS FOR JULY 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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