Kansas City Metropolitan Housing Statistics For May 2009

MAY HOUSING MARKET STATISTICS

Combined (new and existing) home sales in the region were up 17% over last month, which represents an 18% decline from May 2008.  Combined home prices decreased 6% over this time last year.

New home sales rose 20% over last month, a 35% decrease from one year ago.

Existing home sales saw a 16% increase over last month, down 15% from May 2008.

New home inventory continues its steady decrease again this month and is 35% lower than a year ago. Resale inventory is 12% lower than last year. Supply in the region showed a little change over the last month. Supply for combined new and existing homes showed a 7.3 month's supply for May, compared to 8.0 in April. The existing home supply fell to 6.8 months from 7.5 in April, and the new homes supply dropped from 11.8 in April to 11.6 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 MAY 2009

MARKET STATISTICS FOR MAY 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.