Kansas City-area housing market was stable in February

03/18/2014 9:32 PM

03/18/2014 9:32 PM

The Kansas City metropolitan housing market was relatively stable in February, with average sales prices for new and existing homes up slightly.

The average sales price of an existing home last month was $151,435, up 4 percent from the same month last year, according to the Kansas City Regional Association of Realtors. The price of a new home was $342,308, up 1 percent.

The pace of sales was up 2 percent for existing homes, with 1,485 sold last month. Sales for new homes were down 12 percent from last year with 144 homes sold. There were 9,635 existing homes on the market last month, 7 percent below last year, and 1,329 new homes available, up 24 percent.

At the current sales pace, there is a 4.4-month supply of existing homes, making it a solid seller’s market. There is a 6.2-month supply of new homes, which represents a balanced market, according to the Realtors association.

Looking ahead, there are 1,447 pending contracts for existing homes, down 8 percent from February 2013. There are 184 contracts for new homes, unchanged from a year ago.

The Realtors association reports only those homes listed for sale through the organization, not homes for sale by owners.

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