Local home sales have continued their gradual climb with June data showing a 10-percent increase in existing home sales versus June of last year. National and regional data also suggests upward momentum in the existing-home sales category, according to the most recent report from the National Association of Realtors.
Another bright spot in the national report is home inventory. On a national scale, the inventory of homes for sale is at the highest level in over a year, bringing with it a more balanced market in many parts of the country, including the Midwest. Locally, inventories have remained steady, helping the housing supply to remain at a healthy, balanced level.
Strong inventories also mean a better selection for buyers, providing relief from what has been one of the biggest local market challenges in recent months.
According to the most recent Kansas City Regional Real Estate Market Report, the average existing home sale price for June 2014 was $201,807, a 3 percent increase over June 2013. Pending home sales in the region also saw a similar gain of 2 percent year-over-year.
All of this data paints a very promising picture for the local market, providing positive news for buyers and sellers alike. Interest rates on 30-year fixed-rate home loans have also remained nearly unchanged in recent months, hovering below the 4.20 percent mark since May. According to the Aug. 7 report from Freddie Mac, the current rate sits at 4.14 percent, down from 4.40 percent at this time last year.
The Kansas City Regional Association of Realtors expects the remaining summer and fall season to be a busy one for the area’s housing market. Whether you are a buyer or a seller, the best move you can make is to contact a Realtor who can really give you the advantage you need in this competitive market. Buying or selling a home is an important decision, and Realtors can help you navigate that process. To find a Realtor in the local area visit www.kcrealtorlink.com.
Kathy Minden is 2014 president of the Kansas City Regional Association of Realtors.