Kansas City Housing Sales, Prices Continue Climb

Photo courtesy of Creative Commons
Photo courtesy of Creative Commons

The latest report of the Kansas City housing market shows sales and prices were up in October, and the first indication a shrinking supply is beginning to affect the market. There were 2,128 existing homes sold last month, up 2 percent from October 2012, and 235 new homes sold, up 26 percent, according to the Kansas City Regional Association of Realtors.

The inventory of existing homes listed for sale last month was 10,913, 5 percent below October 2012. There were 1,206 new homes listed, up 10 percent from a year ago. The new home supply has been increasing as builders ramp up after several years of weak, post-recession activity.

The average price of an existing home was up $166,679, up  7 percent, and $359,165 for a new home, up 9 percent. The Realtors reported a 4.9-month supply of existing homes, making it firmly a seller’s market.

Read more from the Kansas City Star

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