The first-quarter Metrostudy data for the Kansas City housing market shows the start of 2014 has been slow for both existing and new-home sales, but homes in the market remain very affordable to the first-time buyer. Existing home closings fell in the market year-over-year from 10,035 to 9,400 from 1Q13 to 1Q14. New-home sales also dropped slightly in the market from 499 in 1Q13 to 443 in 1Q14. New-home sales peaked in the second-quarter of 2013 for the last year at 696.
Homes in the Kansas City market are still very affordable for the entry-level and first-time buyer. The median price for existing homes in the first-quarter was $165,200. This is slight depreciation from $168,200 in the previous quarter and nearly ten thousand more than the median price in 1Q13 when the existing median was $156,000. Median price for new homes depreciated in the market during 1Q14, when the median price was $328,600. Over the last year, median prices have not been more than $332,000 and in the first-quarter of 2013 the median closing price for new homes was $321,400. This is an increase of approximately $7,000 year-over-year.
The price per square foot median has declined in the past few quarters for existing homes in the Kansas City market. For existing homes in the first-quarter the median price per square foot hit $93, up by $10 year-over-year, but significantly lower than the peak at $105 in 2Q13. For new homes, the median price for the last year peaked in the first-quarter of 2014 at $153, up quarter-over-quarter from $149 and year-over-year from $145.
Learn more about markets featured in this article: Kansas City, MO.