Kansas City Metropolitan Housing Statistics for February 2010

FEBRUARY HOUSING MARKET STATISTICS

The average new home price this month is 3% lower than one year ago, and the average existing home price is also down 3% from one year ago. The average price for combined (new and existing) homes in the region is 5% lower than February 2009.

New home sales decreased 27%, existing home sales stayed about the same, and combined total sales were down 4% over last year. This represents a 10% increase in new home sales, 19% increase in existing home sales and a combined total sales decrease of 18% from last month.

New home inventory continues its steady decrease again this month and is 41% lower than last year. Resale inventory is 9% higher than a month ago and is 4% higher than it was last year. New and existing inventory combined is 8% higher than last month and is 4% lower than last year.

Supply for combined new and existing homes rose slightly this month from 6.7 to 7.3 month's supply for February. The existing homes slightly rose from 6.5 to 7.1 months, and new homes supply ever so slightly rose from 9.1 to 9.2 months.

The good news is that supply has continued to decline and is lower than February 2009. Although there is a slight 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

Copyright 2010. KCRAR is the "Voice for Real Estate in the Kansas City Area"

MARKET COMMENTARY FOR FEBRUARY 2010

MARKET STATISTICS FOR FEBRUARY 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.