Kansas City Area Home Sales Statistics June 2008

Here is a summary of Kansas City area home sales statistics, June 2008 as compared to June 2007--plus commentary!

Jackson County

Pending contracts: down just under 17%

Average sales price:  down 11.08%

New listings:  down 15%

Inventory:  down 1.44%

Johnson County

Pending contracts:  down 22.55%

Average sales price:  down 2.35%

New listings:  down 21.63%

Inventory:  down 1.96%

What's the upside to all of these down stats?  The market is continuing to correct itself after years of prices that were rising too fast. 

Fewer new listings means would be sellers are waiting--if they don't have to move, they won't.  They will wait until the market gets better--or improve the home they have.  Fewer sales shows us the tightening of the money supply (no more 100% financing for would-be first time buyers, which brings the domino effect to second time buyers who want to move up) and the hesitation from buyers to pull the trigger and write an offer--they want to see everything that's out there and wait for the best deal. 

Consumer confidence has a lot to do with buying and selling a house.  Everyone, except the very rich, is feeling the shock of high gas and food prices. Confidence is low and most everyone is pulling back.  Essentials first--and buying a new house--that can wait.  That's the bottom line reflected in these statistics.

If you would like sales statistics for your particular area or subdivision in the greater Kansas City area, send me an email at mary.hutchison@prukc.com

Thanks for reading my blog, comments welcome!