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May Residential Market Update Highlights for the Kansas City Region

This month's headline is that the median sales price in the Kansas City Region has set a new record, reaching $297,500. In appreciating markets, we should expect to see this kind of headline annually. The first chart below shows a new record for May every year, followed by an all-time record in June, except for 2020—a year many would rather forget.

Appreciating prices are not problematic as long as they remain moderate. This year’s May-over-May increase of 4.4% is respectable and not as extreme as the 12% in 2022 or the nearly 20% increase in 2021.

Looking ahead, we may continue to see strong year-over-year appreciation because, last year, only one of the next four months showed any appreciation, with August at 4.6%. As we approach September, the year-over-year increases might be closer to 2-3%, given the recent market stability.

Listings taken year-over-year have maintained positive but declining growth over last year. In 2023, we experienced some poor listing months, so an increase this year was not surprising. Given the significant decrease in the first half of last year, we might expect to see continued year-over-year growth for a few more months.

Contracts written have been relatively stable over the past two months, showing 1.5-2% growth. With listings increasing and contracts written remaining steady, we are seeing a gradual increase in the overall number of homes on the market. Closings were strong in May, reflecting the increase in contracts written in April and early May. Early June numbers, however, indicate a decline in closings for the month, which may be reflected in next month's report.

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