November 2024 Kansas City Real Estate & Housing Market Update

small nov 2024 market update YTD

U.S. existing-home sales unexpectedly slipped 1.0% month-over-month and

3.5% year-over-year to a seasonally adjusted annual rate of 3.84 million, the

lowest level in more than a decade, according to the National Association of

REALTORS® (NAR). Prospective buyers have pulled back in recent months,

despite lower mortgage rates and more home choices compared to the same

time last year.

 

Closed Sales increased 7.6 percent for existing homes and 0.4 percent for

new homes. Pending Sales increased 17.9 percent for existing homes and

12.3 percent for new homes. Inventory increased 14.4 percent for existing

homes but decreased 15.5 percent for new homes.

 

The Median Sales Price was up 7.4 percent to $290,000 for existing homes

and 0.8 percent to $529,900 for new homes. Days on Market increased 19.2

percent for existing homes but decreased 17.4 percent for new homes.

Supply increased 15.8 percent for existing homes but increased 9.8 percent

for new homes.

 

There were 1.39 million homes for sale heading into October, a 1.5% increase

from the previous month and a 23% increase from the same period last year,

for a 4.3-month supply at the current sales pace, according to NAR. Even with

improving supply and the slower sales pace, home prices have continued to

rise nationwide, with NAR reporting a median existing-home price of $404,500

as of last measure, a 3% increase from one year ago.