June 2024 Kansas City Real Estate Market Update

U.S. existing-home sales fell for the second month in a row, sliding 1.9%

month-over-month and 1.9% year-over-year, according to the National

Association of REALTORS® (NAR), with sales down in all four regions of the

country. Higher borrowing costs and accelerating home prices continue to

weigh on demand, pushing some prospective buyers to the sidelines and

causing market activity to slump ahead of summer.


Closed Sales increased 3.3 percent for existing homes but decreased 6.7

percent for new homes. Pending Sales increased 0.4 percent for existing

homes and 5.0 percent for new homes. Inventory increased 18.4 percent for

existing homes but decreased 15.5 percent for new homes.


The Median Sales Price was up 4.2 percent to $299,000 for existing homes

and 1.4 percent to $525,000 for new homes. Days on Market increased 4.2

percent for existing homes but decreased 0.7 percent for new homes. Supply

increased 28.6 percent for existing homes but increased 10.0 percent for new



Home prices have continued to climb nationwide, despite an uptick in

inventory this year. Nationally, the median existing-home price reached

$407,600 as of last measure, a 5.7% increase from the same period last year

and a record high for the month, according to NAR. Meanwhile, total inventory

heading into May stood at 1.21 million units, a 9% increase month-overmonth

and a 16.3% increase year-over-year, for a 3.5 month’s supply at the

current sales pace.


*Information and stats courtesy of KCRAR and Heartland MLS.