March 2020 Market Update

For 2020, The National Association of REALTORS® Chief Economist Lawrence Yun sees good news for home prices. “National median home price growth is in no danger of falling due to inventory shortages and will rise by 4%,” the long-term NAR economist predicts. He is also expecting the new home construction market sales to increase 10%. Yun and others would like to see home builders bring more affordable units to market to help ease shortages and slow price gains in that segment.

Closed Sales increased 3.9 percent for existing homes and 2.3 percent for new homes. Pending Sales increased 11.8 percent for existing homes and 37.0 percent for new homes. Inventory decreased 24.4 percent for existing homes and 16.2 percent for new homes. The Median Sales Price was up 2.7 percent to $190,000 for existing homes and 8.7 percent to $380,425 for new homes. Days on Market remained flat for existing homes but increased 3.1 percent for new homes. Supply decreased 26.3 percent for existing homes and 10.6 percent for new homes.

 

We start off the year with continued low interest rates, low unemployment, and rising rents nationally. These factors should encourage healthy buyer demand and sets us up for a strong start to the 2020 housing market and a lot of optimism for the coming spring market.

 

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