It is worthwhile to mention the weather when discussing residential real estate for large portions of the U.S. for February 2019, because this month has turned in some impressively cold, rainy and snowy days that have stalled some buying and selling actions. Nevertheless, housing markets have proven to be resilient despite predictions of a tougher year for the industry. It is still too early to say how the entire year will play out, but economic fundamentals remain positive.
Closed Sales decreased 5.5 percent for existing homes and 17.2 percent for new homes. Pending Sales decreased 0.4 percent for existing homes and 35.1 percent for new homes. Inventory decreased 1.2 percent for existing homes but increased 7.0 percent for new homes. The Median Sales Price was up 5.9 percent to $180,000 for existing homes and 13.1 percent to $367,658 for new homes. Days on Market decreased 5.5 percent for existing homes but increased 14.6 percent for new homes.
Supply remained flat for existing homes but increased 6.9 percent for new homes. The National Association of REALTORS® recently reported that national existing-home sales were down slightly during January 2019 and that pending sales were up in year-over-year comparisons. It is worth noting that some softening of sales was anticipated, as was a positive sales bounce during January 2019 after a slow end to 2018. Weather-related events have hampered some of the necessary machinations of making home sales during February 2019, yet buyers have shown determination toward achieving their homeownership goals
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*Information provided courtesy of KCRAR and Heartland MLS