NAR Finds Share of First-Time Home Buyers Smaller, Older Than Ever Before

November 10, 2022 in KCRAR

National Association of REALTORS® Key Highlights At just 26%, the share of first-time buyers was the lowest since NAR began tracking the data. The typical first-time buyer was 36 years old – an all-time high. The median distance between the home that recent buyers purchased and the home from which they moved was 50 miles […]

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Kansas City Housing Forecast Predicts 6.5% Appreciation Rate in 2023

October 20, 2022 in KCRAR

Kansas City home values will rise next year but at a much slower rate than this year, according to the 2023 Kansas City Housing Forecast published by the Wichita State University Center for Real Estate. Presented in print and digital booklets, these forecasts are offered for every major metro area in the state of Kansas […]

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Median Home Sales Price Up 8.4% Nationally in September

in Community

National Association of REALTORS® Key Highlights Existing-home sales sagged for the eighth consecutive month to a seasonally adjusted annual rate of 4.71 million. Sales slipped 1.5% from August and 23.8% from the previous year. The median existing-home sales price increased to $384,800, up 8.4% from one year ago. The inventory of unsold existing homes declined […]

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Happy Halloween? Mortgage Rates Average 6.66%

October 7, 2022 in Community

By Melissa Dittmann Tracey, REALTOR® Magazine Despite a slight decrease this week in mortgage rates, the average for the 30-year fixed-rate loan remains more than double what it was a year ago, adding hundreds of dollars per month to financing costs for home buyers. This is prompting more buyers to retreat from the market: Mortgage […]

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Existing-Home Sales Slipped 0.4% Nationally in August

September 22, 2022 in Community

National Association of REALTORS® Key Highlights Existing-home sales decreased for the seventh straight month to a seasonally adjusted annual rate of 4.80 million. Sales tailed off 0.4% from July and 19.9% from the previous year. The median existing-home sales price rose 7.7% from one year ago to $389,500. After five successive monthly increases, the inventory […]

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Pending Home Sales Slipped 1.0% in July

August 25, 2022 in Community

National Association of REALTORS® Pending home sales dropped slightly by 1.0% from June. It was the second straight monthly decline and the eighth in the last nine months. Pending sales fell in three of four major regions, with the West posting a small increase. Compared to the prior year, contract signings declined by double digits […]

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Four in Five Metro Areas Notched Double-Digit Price Gains in Second Quarter of 2022

August 11, 2022 in Community

National Association of REALTORS® Key highlights Eighty percent of metro markets – 148 of 185 – saw double-digit annual price appreciation in median single-family existing-home sales prices (70% in the previous quarter). The national median single-family existing-home price rose 14.2% annually to $413,500, surpassing $400,000 for the first time. Housing affordability significantly declined as the […]

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Yun: Possible Economic Downturn Likely to Be Mild

August 5, 2022 in Community

By Catherine Mesick, REALTOR® Magazine The country isn’t officially in a recession yet, despite two consecutive quarters of national contraction of the gross domestic product, a commonly cited indicator of an economic downturn, says Lawrence Yun, chief economist for the National Association of REALTORS®. And several healthy economic trends, including a robust job market, coupled […]

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President Pierce: Growing from Change

July 28, 2022 in Guest Columns

Michael Pierce, 2022 KCRAR President Real estate professionals are pros at adapting. In our careers, many of us have seen the lows of a housing crisis to the fast-paced low inventory market we’re currently experiencing, and everything in between. What we gain from all these difficult times in the market is experience and perspective. In […]

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2nd Historic Fed Rate Hike Unlikely to ‘Further Damage’ Mortgage Borrowers

in Community

Melissa Dittmann Tracey, REALTOR® Magazine With skyrocketing inflation and mounting recession fears, the Federal Reserve made another aggressive move Wednesday, raising its benchmark rate by three-quarters of a percentage point for the second time this year to try and tame the economy. However, higher mortgage rates may not necessarily be on the horizon as a result, […]

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