Area home prices rose in April
05/21/2014 11:48 AM
06/03/2014 10:17 AM
Home prices in metro Kansas City were up in April compared with a year ago, and the supply of new homes was 30 percent greater, according to the latest report from the Kansas City Regional Association of Realtors.
The average sales price of an existing home last month was $175,799, 13.8 percent more than April 2013, the Realtors reported, and the average sales price of a new home was $348,124, up 4 percent.
Builders also were increasing the inventory of new homes. In April, 1,352 new homes were listed in the area market, up 30 percent from the same month a year ago. The existing home inventory was down 1 percent, with 11,221 listed.
Sales in April were up in both categories. There were 2,278 existing homes sold, up 2 percent compared with last year, and 217 new homes sold, up 5 percent. The association does not include homes sold by their owners in its monthly report.
The Realtors reported a 5.1-month supply of existing homes in April given the pace of sales and a 6.4-month supply of new homes. The association described the existing home supply as at the low end of a balanced market skewing toward sellers. The supply of new homes was described as balanced.