Kansas City Metropolitan Housing Statistics for January 2010

JANUARY HOUSING MARKET STATISTICS

The average new home price this month is 4% higher than one year ago, and the average existing home price is up 18% from one year ago. The average price for combined (new and existing) homes in the region is 15% higher than January 2009.

New home sales decreased 27%, existing home sales stayed about the same, and combined total sales were down 3% over last year. This represents a 46% decrease in new home sales, 29% decrease in existing home sales and a combined total sales decrease of 31% from last month.

New home inventory continues its steady decrease again this month and is 42% lower than last year. Resale inventory is 5% higher than a month ago and is 2% lower than it was last year. New and existing inventory combined is 3% higher than last month and is 10% lower than last year.

Supply for combined new and existing homes rose slightly this month from 6.5 to 6.7 month's supply for January. The existing homes slightly rose from 6.2 to 6.5 months, and new homes supply dropped from 9.9 to 9.1 months.

The good news is that supply has continued to decline and is lower than January 2009. Although there is a buyer's edge present in the new homes market, the existing home and combined totals are nearing a balanced 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

MARKET COMMENTARY FOR JANUARY 2010

MARKET STATISTICS FOR JANUARY 2010

Should you want market statistics for your neighborhood, contact Ron Mowery, Real Estate Professional at (913) 269-0479 or email him at Ron@JoCoHomesOnline.

Posted Tuesday Feb 23