Area home sales continue to improve

The Kansas City metropolitan housing market continued to rebound in April, with sales of new and existing homes up 8 percent compared with last year and sales prices improving as well.

The strongest recovery was in the new home market with 207 sold last month, a 23 percent improvement from April 2012, according to the latest report by the Kansas City Regional Association of Realtors.

The average sales price of a new home was $334,060, a 6 percent increase from last year. The Realtors report includes only listed homes, not homes sold by owners.

The Realtors association also reported that existing home sales reached 2,240 in April, a 6.5 percent improvement from the same month a year ago. The average sales price for an existing home was $155,468, a 4 percent improvement.

Pending sales, an indication of where the market is going, also were strong. There were 2,396 pending contracts in April for existing homes, up 27 percent compared with April 2012, and 291 pending contracts for new homes, up 19 percent.

Inventories of homes on the market also continued to decline in April with 11,339 existing homes listed, 15 percent less than a year ago, and 1,041 new homes listed, 8 percent below last year.

There was a 5.5-month supply of existing homes on the market last month, compared with a 7.3-month supply a year ago, and a 5.3-month supply of new homes, compared with 7.6 months last year. The current supply of existing and new homes is considered a balanced market for buyers and sellers.