Real Estate Market Update: November 2021

Nationwide, existing home sales were down slightly in August, falling 2% after two consecutive months of increases, according to the National Association
of REALTORS®. The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of
existing homes up 14.9% compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out
of the market and are choosing to wait for sales prices to ease before resuming their home search.


Closed Sales decreased 2.3 percent for existing homes and 29.8 percent for new homes. Pending Sales increased 4.6 percent for existing homes but
decreased 47.5 percent for new homes. Inventory decreased 19.8 percent for existing homes and 18.5 percent for new homes.
The Median Sales Price was up 6.4 percent to $250,000 for existing homes and 18.0 percent to $465,000 for new homes. Days on Market decreased 37.0
percent for existing homes and 56.1 percent for new homes. Supply decreased 26.7 percent for existing homes and 16.1 percent for new homes.
There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the
fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could
even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.


*Information and statistics provided by KCRAR and Heartland MLS.