The Kansas City area home market continued its robust recovery last month, with sales and prices for new and existing homes ahead of last year.
The average sales price of an existing home was $183,893 in July, up 13 percent from a year ago, according to the latest report from the Kansas City Regional Association of Realtors. New homes sold on average for $346,722, up 10 percent from July 2012.
The pace of sales also was up for both categories. The Realtors reported that 2,849 existing homes sold last month, up 16 percent from last year, and 267 new homes sold, up 47 percent.
The inventory of homes listed on the market continued to drop as well. There were 12,024 existing homes listed, down 7 percent from July 2012, and 1,027 new homes were listed, down 6 percent.
The Realtors report covers homes listed by the Heartland Multiple Listing Service. It does not include homes being sold by their owners.
Using a formula based on the pace of sales and inventory, the Realtors reported a 5.6-month supply of existing homes, down from a 6.7-month supply last year. The 5-month supply of new homes is down from a 6.7-month supply in July 2012.
The Realtors association described the supply of existing homes as a balanced market favoring neither buyers or sellers. The new home supply was edging toward a seller’s market.