June Home Sales Dip Slightly, but Overall KC Market Remains Hot
by Jeff Pinkerton
Have you noticed more “For Sale” signs in your neighborhood? For most of us, the answer is definitely “yes,” as Kansas City’s housing market continued a strong showing in June.
Overall sales dipped slightly from May’s totals (from 3,108 to 2,952), but overall sales prices rose 2.6 percent, from $191,008 to $195,999. Compared to June 2012, sales are up 7.9 percent and sales prices are up 6.4 percent. The months of supply (amount of time it would take to sell all existing inventory) is at a balanced 5.7 months.
Kansas City is following national housing trends, with slightly lower sales volume, but higher sales prices. Housing market watchers have pointed to increased mortgage rates and the lack of inventory as likely culprits for the sales decline. But, with seasonal fluctuations, the year over year figures, which are up across the board, are more telling, and more encouraging.