Much of the blame for the current recession has been attributed to problems with the housing market. The bursting of the housing bubble (which was much more extreme in other metros than it was in the Kansas City region) set off a financial chain of events that led to our current economic woes. Many economists, KCEconomy included, believe the housing market must begin to recover before we can see meaningful improvements in the overall economy.
At long last, we might actually be seeing some positive signs in our local housing market. This past June marked the sixth straight month where the average sale price of Kansas City area homes increased.
The average home sale price in Kansas City was $173,445 in June. Last January, the average price was just $136,747. We know some of this has to do with the seasonal nature of the housing market ,but the June figure of $173,445 is at least in the same neighborhood as last June’s $181,000 (off by just $7,555), while the January 2009 figure was nearly $30,000 less than January 2008.
It is a modest sign, but at least it looks like things might be heading in the right direction. We will continue to monitor housing prices and many other variables. Stay tuned.
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