December Market Update
Transitory periods in the market are common this time of year, and after a persistent period of steady year-over-year climbs in sales metrics, recent low national numbers have not fulfilled what many predicted. But on a positive note, jobless claims have also been at low levels, coming in as the lowest number since 1973. As always, every market and situation is unique, so some numbers seen in national trends may not always line up with local markets.
Closed Sales increased 0.1 percent for existing homes and 4.3 percent for new homes. Pending Sales increased 17.9 percent for existing homes and 17.7 percent for new homes. Inventory decreased 27.0 percent for existing homes and 11.6 percent for new homes.
The Median Sales Price was up 9.2 percent to $158,350 for existing homes and 2.1 percent to $341,726 for new homes. Days on Market decreased 16.7 percent for existing homes but increased 4.6 percent for new homes. Supply decreased 33.3 percent for existing homes and 23.2 percent for new homes. Interest rates are an area to pay attention to as rate hikes are widely expected before the year ends. The Federal Reserve Bank has skipped two opportunities to raise rates this fall, but the final meeting in December will likely include a minor rate hike. Although we are headed into a slower time of year, as housing activity goes, there are still many nuggets of optimism to mine from monthly figures.
Click here to view more specific numbers for the KC metro market as of the end of October 2015. If you would like more specific numbers about your neighborhood, feel free to call or email us and we’d be happy to run a more in-depth report.
*Information courtesy of KCRAR and Heartland MLS