Although plenty of buyers are looking, buoyed by low interest rates and solid consumer confidence, the supply of existing homes for resale is low in the Kansas City area. At the current sales rate, there was just a 4.8-month supply in March, down from the 7.1-month supply in March 2012.
When the supply exceeds six months, the market begins to favor buyers, and when its less than five, the market tends to favor sellers, according to real estate agents.
The shortage has driven up prices, although the Kansas City and St. Louis housing markets have not seen the same price increases buyers are facing in other places in the country. St. Louis was ranked as the fourth-most affordable market among metro areas and Kansas City ranked seventh.