Tuesday, August 17, 2010

Kansas City Market Report for July 2010

The numbers are out and overall, July brought what we as Realtors expected.  With the expiration of the tax credit, home sales dropped.  New homes decreased 67% from last month and existing homes decreased 39% from last year and 33% from last month.

However...we are starting to see home prices increase, which is excellent news.  The increase is slight, but we'll take it.  The average new home price for July is 7% higher at $331,567 than the same time last year.  Most counties saw an increase in average sales price for existing homes this month over the same month last year.

There is still a slight buyer's edge present in the new home market, existing home and combined markets.  Interest rates are at historic lows, but are predicted to rise in 2011...so if you're currently "on the fence" this information may be of benefit.  To see any of the available homes in nearby communities in Shawnee, Overland Park, Olathe, Leawood, DeSoto, Lenexa, Mission, Prairie Village, and more, email, text, or give us a call.

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