Kansas City Housing Supply
The Kansas City Regional Association of Realtors data regarding the supply of residential real estate on the market was reported by the Kansas City Star this past week. There was a 6.5 month supply of homes for resale in the Kansas City area in July 2008, substantially lower than the nationwide average of an 11.1 month supply of existing homes in June 2008.
The supply of new homes in greater Kansas City was 11.8 months in July, up from both June 2008 and July 2007. The good news is that housing starts fell to a seventeen year low nationwide, which could help the housing market work through the oversupply of new homes for sale.