Kansas City Metropolitan Housing Statistics for August 2009

AUGUST 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 4% over August 2008.

New home sales decreased 29% over the past month, which represents a 42% decrease from one year ago. Existing home sales also decreased for the first time in six months from one year ago, and they were down 14% from last month.

New home inventory continues its steady decrease again this month and is 36% lower than last year. Resale inventory is about the same compared to a month ago and is 10% lower than it was last year. New and existing inventory combined is slighly lower than last month and is 15% lower than last year.

Supply in the region showed no change over the past month. Supply for combined new and existing homes held steady at 8 month's supply for August. The existing homes supply remained at 11.2 months and existing homes supply remained at 7.6 months A slight buyer's edge is still present in the existing homes markets, and a considerable buyer's edge is present in the new homes market.

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 AUGUST 2009

MARKET STATISTICS FOR AUGUST 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.