Home prices rise in KC, fall in the south and west
Add Axios as your preferred source to
see more of our stories on Google.
Real estate prices are all about "location, location, location," and right now that's particularly true — in half the country home prices are still going up, including in Kansas City. In the other half, they're falling.
Why it matters: The price data shows that the housing story is more complicated than affordability and still-high mortgage rates, which have cratered demand nationwide.
- Ultimately, this tale of two housing markets is all about supply. In the places facing shortages of available homes, and less newly constructed housing, prices are holding up.
Zoom in: In the Midwest, the price of a typical home keeps rising.
- Home prices are up 2% year-over-year in Kansas City, and 2.1% in St. Louis.
- The median selling price of homes in Missouri is now at an all-time high, KCUR reports. The price, according to a June report from Missouri Realtors, is up to $269,000.
- That's significantly lower than in Kansas City, Missouri, where the median home sold price was $364,500, according to realtor.com.
- In Overland Park, Kansas, that price was $564,800.
What we're watching: Mid-size metros in the Midwest and Northeast were just named the summer's top housing markets by the Wall Street Journal and Realtor.com, in part for their affordability and "climate resiliency."
Meanwhile: Areas in the South, particularly Texas and Florida, that had lots of new construction over the past few years,are seeing prices fall.
- And it's not just new homes; existing homeowners in these regions are also looking to sell and leave behind higher insurance costs, and climate risks.
- "In places like Florida and Texas, they're kind of tired of hurricanes," says Chen Zhao, head of economic research at Redfin. These folks are putting their homes on the market.
By the numbers: The price of the typical home was down nearly 6% in the Tampa metro area this June.
- It fell 3% in the Jacksonville metro, and 6% in Austin.
- The Sun Belt, long a popular spot for home builders, is also seeing declining prices — they fell 4% in the Phoenix metro area.
Go deeper: Homebuyers gain a slight edge in Kansas City