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.