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April Residential Market Update Highlights for the Kansas City Region

The standout figure for April was the significant increase in median sales price, up by 9.4% compared to last April. This jump isn't surprising when we consider that April 2023 was the last time we saw a negative change, setting the stage for a substantial increase this month based on previous gains.


Turning to the numbers for listings, contracts, and closings, we observe a consistent upward trend. April marked the third consecutive month of increased listings, up by 14%. For fans of the movie Major League, this is what we call a streak. While contracts written in April remained robust with a 4.7% increase, they did show a slight dip compared to the preceding two months.


Remember the surge in listings and contracts at the end of February? It translated into a nearly 12% increase in closings of existing home sales in April. I anticipate this strength in closings to continue over the next few months, given the upticks in new listings and contracts written. Looking back at closings from April through September 2023, we witnessed some of the steepest year-over-year declines. However, recent months have shown strong activity, possibly indicating that we may have hit the bottom of the market in terms of activity.


Despite these positive trends, there are headwinds to consider. Residential mortgage interest rates remain around 7%, and the Federal Reserve's potential rate adjustments have shifted from an anticipated 4-5 decreases to possibly just two or even none this year. Additionally, the recent settlement by the National Association of Realtors may influence the dynamics of the fall market, with the settlement terms taking effect in mid-August and impacting how buyers, sellers, and Realtors buy and sell houses.





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