KC Housing Trends Continue in Right Direction
by Jeff Pinkerton
As we continue to analyze the Kansas City regional economy, we’re keeping tabs on the local housing market. The Kansas City Regional Association of Realtors (KCRAR) just released monthly data for March, and the positive beat goes on. Overall, KCRAR reports 2,324 home sales in March, up from 2,158 one year earlier. Total home sales prices are also up, to an average of $165,885, compared to $156,945 over the same period last year. The average price of a new home was $336,181 while existing homes sold at an average price of $151,140.
The chart below shows a definite upward trend in monthly home sales. The gray line shows actual monthly home sales, while the dark line shows the same data with a 12-month moving average to compensate for seasonal fluctuations. Monthly home sales have been trending upwards since the middle of 2011.
The same is true for average sales price, shown in the chart below. Prices for both new and existing homes have trended up since the beginning of 2012.