May home sales down in KC
The Kansas City housing market continued to lag in May, with 2,185 new and existing homes sold, down 24 percent from the same month a year ago.
There were 148 new homes sold last month, down 37 percent from a year ago, and 2,037 existing homes, down 23 percent, according to the Kansas City Regional Association of Realtors.
Home sales last year during this period were being spurred by a now-expired federal tax credit program.
The average sales price of a new home in May was $324,853, up 14 percent from a year ago. The average existing home sold for $150,319, 4 percent below last year.
There were 1,368 new homes in the Kansas City housing inventory last month, 16 percent less than the year before, and 16,019 existing homes listed, up 4 percent from May 2010.
The Realtors report does not include homes for sale by owners.
Based on a formula that divides the inventory by sales, the association estimated there were 9.8-month supply of existing homes and a 9.7-month supply of new homes in May, indicating a buyer’s edge in the market for both categories.