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.”…