The Kansas City Regional Association of Realtors announced today the September home sales numbers. In going through the numbers I see several bright spots. The first being the overall number improved 10.5%, 2,416 less homes on the market, as compared to September 2007.
New home sales were down, but the average sales price of a new home increased by 2.9% over last September to $291,283. Existing homes did drop by 5.4% to $142,966.
Kansas City did not sell as many new homes in September as it did last year, dropping 15.6% to 287 homes sold. But existing homes sales increased to 2,141 homes sold, up from 1,857 last September a 15.3% increase.
The overall number of homes for sale in Kansas City dropped in September to 18,880, down from 19,183 in August. The number of months of supply increased to 7.775%, up for 7.432% in August. So while the amount of homes for sale decreased, the number of sold homes also decreased 153 units causing the increase. This is also the 5th month in a row we have remained under 8 months of supply, this is still a buyers market. But I do believe we are starting to see the light at the end of the tunnel.
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