August 2020 Market Update

While much of the country was working on a phased reopening of the economy in June, real estate activity continued to strengthen as well. Nationally, June showing activity as tracked by ShowingTime was up notably from the COVID-19 depressed levels in recent months but was also up from June 2019, reflecting pent-up demand by prospective home buyers.

Closed Sales decreased 5.3 percent for existing homes but increased 17.7 percent for new homes. Pending Sales increased 15.3 percent for existing homes and 72.2 percent for new homes. Inventory decreased 48.4 percent for existing homes and 29.9 percent for new homes. The Median Sales Price was up 4.6 percent to $230,000 for existing homes and 6.8 percent to $389,925 for new homes. Days on Market increased 3.2 percent for existing homes but decreased 2.5 percent for new homes. Supply decreased 47.8 percent for existing homes and 32.3 percent for new homes.


While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes being listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to continued concerns over COVID-19, which was beginning to see a resurgence in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season.


For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS