Home Prices in Kansas City Decline; Missouri Mortgage Demand Still Slow
While home sales in Kansas City remained slow last month, there is hope on the horizon that activity may soon pick up.
Prices also fell in November from the year-earlier month, the Kansas City Regional Association of Realtors reported Monday. The result could be increased demand for Missouri mortgages now that lower-income workers can afford to take out a loan.
The released figures included:
- Sales of existing and new houses fell by 10 percent during this time to 2,450. This number was 9 percent less than sales in October 2006.
- New house sales of 462 in November dropped 31 percent from the year-earlier month and 20 percent from October.
- Existing house sales of 1,988 in November were down 4 percent from a year ago and 1 percent from October.
- Average sale prices for new and existing houses in November fell 0.5 percent from the year-ago month. The average existing house price fell 4 percent during this time to $152,903, and average new house prices rose 4 percent to $281,532.
The largest decrease in new house prices, 14 percent, came in Miami County. Cass County posted the largest gain, 14 percent.
The area’s house supply rose to 7.6 months in November (from 7.3 months in October). When the supply exceeds six months, the market tends to favor buyers. Therefore, this is an ideal time for anyone considering mortgage loans of any duration in the area.