Kansas City home sales fall as buyers pull back
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Illustration: Annelise Capossela/Axios
Fewer people bought homes in Kansas City in August compared with a year ago, according to data released last week by Homes.com.
Why it matters: Buyers appear to be pulling back as prices squeeze spending power and jobs stall.
By the numbers: The number of homes sold in the KC metro dropped 7.4% year-over-year to below pre-pandemic levels.
- That's the steepest drop in the Midwest region — and more than the national 4.3% decline — despite there being slightly more local homes for sale.
- Those listings are staying on the market for an average of 47 days, which is 12 days fewer than the national average.
Yes, but: The number of new listings in August fell in KC 1.9% year-over-year, while new listings jumped 11.7% nationally.
Between the lines: Prices are going up whether you rent or own, but the gap between the two is widening as buying becomes more expensive.
- Kansas City home prices grew sixth fastest nationally year-over-year, and mortgage interest rates jumped to 6.95% in September — the highest since January 2025.
- Meanwhile, build-to-rent houses and townhomes are trending in the KC area and across the Midwest as people seek to avoid the costs of owning.
What they're saying: Victor Rodriguez, senior director of market analytics at CoStar and Homes.com, tells Axios high-quality homes in desirable locations still tend to fare well when inventories are low.
The intrigue: Condos' median sale price is down 8.2% year-over-year, while single-family house and townhome prices are up.
- More condos are hitting the market, but fewer are selling.
💭 Travis' thought bubble: I own a condo. Should I be sweating?