The downturn of the housing market that has plagued virtually the rest of the U.S. has dropped its effects on the Kansas City real estate market too. Like many other regions in the U.S., real estate in Kansas City is seeing a dropoff in home values and sales prices while its sales volume makes a rebound.
According to the Kansas City Regional Association of Realtors, in October, there were 2,336 sales in the region, up remarkably since the beginning of 2009, when that figure was just over 1,000, but down slightly from the year's peak of 2,516 in July. Though volume was up, no doubt thanks in part to buyers rushing to take advantage of the government's stimulus program offering tax credits of up to $8,000 to select home buyers, prices are still lagging behind.
In October, the average sale price was just over $158,000 in the region, down from almost $160,000 last year. Existing homes were down to $147,769 in October this year, down from $150,902 at the same time last year. Supply is down slightly too, as some of the inventory begins to clear off the market. The inventory of existing homes for sale stood at 13,139 at the end of October, down from 13,556 in September. The market now has a 7.4-month supply of homes for sale in Kansas City on the market, down from eight months this summer.