Wednesday, June 07, 2023

Greater Kansas City Real Estate Market Update Quarter 1 2023

Kansas City Quarter 1 update Mortgage rates are still moving and started Q1 around the low 6% creating surge is showings and pending offers. New home sales improved and days on market extended giving buyers a little more breathing room to look at homes. Pending and closed sales dropped a little as prices were going up. the inventory levels went up, and at this time last year, the prices this year were up a little over 1%. The inventory is low even though the days on market has gone up just over 30 days. That inventory catching up causes prices to come back to a more normal market. Active buyers are definitely taking advantage of the leveling out of the market and with interest constantly changing up and down, they are not having to compete against dozens of offers and getting homes for fair prices. At the same time, economics 101 will show that if there are still more buyers than homes available, new home owners are still benefiting from higher than normal appreciation. Sellers are still getting 97% of sale price.

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