The housing and stock markets continue to be the leaders in the economy. In August, showings and pending sales remained at strong levels while housing inventory remained limited, continuing the competitive bidding market we have seen in recent months. With the stock indexes at or near record highs as mortgage rates remain near record lows, signs point to a busy fall housing market.
Closed Sales decreased 3.9 percent for existing homes but increased 19.8 percent for new homes. Pending Sales increased 23.5 percent for existing homes and 56.6 percent for new homes. Inventory decreased 53.2 percent for existing homes and 39.7 percent for new homes. The Median Sales Price was up 11.1 percent to $235,000 for existing homes and 8.2 percent to $394,960 for new homes. Days on Market decreased 20.6 percent for existing homes but increased 2.8 percent for new homes. Supply decreased 54.2 percent for existing homes and 45.9 percent for new homes.
As we look towards the fall, we normally see housing activity begin to slow a bit as the back-to-school season begins, but this year is far from normal. While uncertainty remains on what effects the upcoming elections and any seasonal resurgence of COVID-19 may have on the financial and housing markets, the healthy housing demand we see today will create significant tailwinds in the near term.
For more specific market numbers, click here.
*Information provided courtesy of KCRAR and Heartland MLS