Area home prices and sales pace rose in May

06/17/2014 4:36 PM

06/17/2014 9:53 PM

The Kansas City area housing market remained positive in May, with average sales prices rising for new and existing homes and the pace of sales 1 percent above a year ago.

The average sales price of a new home in the area was $363,499 last month, 6 percent above May 2013, and the average existing home price was $183,121, 3 percent above a year ago, according to the Kansas City Regional Association of Realtors.

There were 2,863 existing homes sold last month, 1 percent ahead of last year. Sales of new homes were up 1 percent too, with 272 sold.

The inventory of existing homes dipped to 11,465 in May, down 3 percent from a year ago. A flurry of new home construction, however, increased that supply to 1,337, 32 percent more than May 2013.

Using a formula that divides the inventory by the sales pace, the association calculated there was a 5.3-month supply of existing homes, the low end of a balanced market, edging toward favoring sellers. There was a 6.3-month supply of new homes, a balanced market.

To reach Kevin Collison, call 816-234-4289 or send email to kcollison@kcstar.com. Follow him on Twitter at kckansascity.

Videos

Join the Discussion

The Kansas City Star is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere on the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Terms of Service