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!

Yes, you can get a home loan!

Despite the daily doom and gloom news regarding the slow housing market, if you are thinking of buying a home, you can probably get a loan. Yes, that applies to first time buyers as well who may not have a down payment.

It's true that mortgage companies are tightening their underwriting guidelines and loans with non-verifiable income, plus the sub prime market (those buyers with credit scores under 600) are virtually gone.

But there is good news! It is an excellent time to be a buyer because of all the homes for sale right now--too much inventory gives you more negotiating power. Fixed interest rates are still low, just above 6%.

If you have a good credit score and income to support it--you can get a home loan. If your score needs some tweaking, dedicate yourself to improving your score over the next few months and plan to buy next year.

I specialize in working with first time buyers. If you are thinking of purchasing a home or condo and have questions, email me at

mary.hutchison@prukc.com I'm here to help.