May 2023 Kansas City Housing Market Update

U.S. existing-home sales declined 2.4 percent month-over-month as of last
measure, according to the National Association of REALTORS® (NAR),
reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest
rates have caused buyers to pullback, with pending sales dropping 5.2%
month-over-month. Meanwhile, the median existing-home sales price
declined for the second month in a row, falling 0.9% nationally from the same
time last year, the largest year-over-year decline since January 2012,
according to NAR.

Closed Sales decreased 22.5 percent for existing homes and 13.1 percent for
new homes. Pending Sales decreased 18.5 percent for existing homes but
increased 21.4 percent for new homes. Inventory decreased 18.9 percent for
existing homes but increased 60.2 percent for new homes.

The Median Sales Price was down 2.2 percent to $265,000 for existing homes
but increased 10.8 percent to $527,450 for new homes. Days on Market
increased 81.3 percent for existing homes and 66.2 percent for new homes.
Supply decreased 10.0 percent for existing homes but increased 79.4 percent
for new homes.

Housing inventory remains tight nationwide, with only 980,000 units available
for sale heading into April, a 5.4% increase from one year earlier, although the
number of homes for sale is down compared to the same period in 2019, prior
to the pandemic. The lack of existing inventory continues to impact home
sales, and with only 2.6 months’ supply of homes at last measure, competition
for available properties remains strong, especially in certain price categories,
with multiple offers occurring on about a third of properties, according to

*Information and stats courtesy of KCRAR and Heartland MLS.