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September 19, 2013

Metro Kansas City housing market upbeat in August

But the Kansas City metro area continued to show year-over-year growth in new permits, according to the Home Builders Association of Greater Kansas City.

The Kansas City housing market continued its robust recovery in August with single-family building permits up 36.1 percent and home sales up 8 percent compared to the same month a year ago.

The Home Builder Association of Greater Kansas City reported there were 354 single-family permits issued last month bringing the total so far this year to 2,710, up 33.7 percent from the same period last year and the strongest performance since 2007.

Jackson and Johnson counties are both up about 40 percent over the 2012 year-to-date total, the report said. Johnson leads with 1,120 year-to-date permits, or 142 more than at the same point last year.

The apartment market continued its strong surge with 170 multi-family permits issued in August, all in Johnson County, the association also reported. Year to date, there have been 1,881 such permits, compared to 1,062 in 2012, up 77.1 percent.

Kansas City continued to lead the market in single-family permits thanks to strong growth in the Northland with 443 permits issued through August. It was followed by Olathe, 358; Overland Park, 288; Lee’s Summit, 242; Lenexa, 136; Shawnee, 115; Platte County, 113; Blue Springs, 106; Kansas City, Kan./Wyandotte County, 85, and Leawood, 83.

In a separate report, the Kansas City Regional Association of Realtors reported healthy sales gains and increased sales prices for both new and existing homes in August

The average sales price of an existing home was $178,876, up 11 percent from August 2012, and the average sales price of a new home was $348,873, up 12 percent from a year ago. There were 2,712 existing homes sold in August, up 9 percent from last year, and 236 new homes, the same number as August 2012.

When it comes to the supply of homes on the market, the Realtors Association reported the metro was at a balanced point favoring neither buyers or sellers. there was a 5.4 month supply of existing homes and 5.3 month supply of new homes.

The Realtors Association report does not include homes being sold by their owners.

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