Total new-home closings: 2,596
The good: The market share of detached single-family units increased in February 2015 to 97.1% of new-home closings.
The bad: Early 2015 market indicators show a decrease as prices rise and average square footage figures drop.
The bottom line: While the start of 2015 may have raised some eyebrows, February showed promise that those changes may level. Year-to-date single-family permits were up year over year in March by 11%, possibly indicating that there’s still confidence in the region.
Early 2015 didn’t prove strong for the Kansas City market, with a 34.3% year-over-year decrease in new-home closings in January, though February showed hope for a leveling among decreases, with a narrower drop at 25.3%. The total of new homes sold over a 12-month period also dropped year over year in the period ending February from 1,218 to 1,195. At the same time, the average price of new homes gained year-over-year in February to $336,212 per unit. If there’s any good news for single-family home builders, it’s that the detached market grew year over year in February from 93.4% to 97.1%, while attached units forfeited 3.7% of their share. Unfortunately, some of those gains may be washed out because of fewer square feet sold, as there was a 17% decrease year over year in the average size of new homes.