Kansas City Metropolitan Housing Statistics for March 2010

MARCH HOUSING MARKET STATISTICS

The average new home price this month is 6% higher than one year ago, and the average existing home price is also up 7% from one year ago. The average price for combined (new and existing) homes in the region is 5% higher than March 2009.

New home sales decreased 8%, existing home sales increased 15%, and combined total sales were up 12% over last year. This represents a 53% increase in new home sales, 55% increase in existing home sales and a combined total sales increase of 54% from last month.

New home inventory continues its steady decrease again this month and is 40% lower than last year. Resale inventory is 8% higher than a month ago and is 6% higher than it was last year. New and existing inventory combined is 7% higher than last month and is 2% lower than last year.

Supply for combined new and existing homes rose slightly this month from 6.3 to 7.7 month's supply for March. The existing homes slightly rose from 7.4 to 7.5 months, and new homes supply ever so slightly decreased from 9.2 to 9.1 months.

The good news is that supply has continued to decline and is lower than March 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 MARCH 2010

MARKET STATISTICS FOR MARCH 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.