Market Snapshot | April 2023

Monthly Recap

– Kansas City Association of Realtors

U.S. existing-home sales declined 2.4 percent month-over-month as of last measure, according to the National Association of REALTORS® (NAR), reversing February’s sales gain of 14.5%. Fluctuations in mortgage interest rates have caused buyers to pullback, with pending sales dropping 5.2% month-over-month. Meanwhile, the median existing-home sales price declined for the second month in a row, falling 0.9% nationally from the same time last year. That is the largest year-over-year decline since January 2012, according to NAR.

Closed Sales [in the Kansas City Region] decreased 22.5 percent for existing homes and 13.1 percent for new homes. Pending Sales decreased 18.5 percent for existing homes but increased 21.4 percent for new homes. Inventory decreased 18.9 percent for existing homes but increased 60.2 percent for new homes.

The Median Sales Price [in the Kansas City Region] was down 2.2 percent to $265,000 for existing homes but increased 10.8 percent to $527,450 for new homes. Days on Market increased 81.3 percent for existing homes and 66.2 percent for new homes. Supply decreased 10.0 percent for existing homes but increased 79.4 percent for new homes.

Housing inventory remains tight nationwide, with only 980,000 units available for sale heading into April, a 5.4% increase from one year earlier. However, the number of homes for sale is down compared to the same period in 2019, prior to the pandemic. The lack of existing inventory continues to impact home sales, and with only 2.6 months’ supply of homes at last measure, competition for available properties remains strong. This is specially true in certain price categories, with multiple offers occurring on about a third of properties, according to NAR.