Weekly Update – The July Dip in Sales, Home Prices Steady, Mortgage Rates, Garden, So many Agents, and the Beach

In this update, I tackle the slower summer market, compare KC with national home sales, check mortgage rates, provide a garden update, ponder agents vs listings, and share my beach vacation. Too much? Maybe, but who cares.

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July Dip in Sales

Summertime is generally a slower time of year for real estate. I wondered if the statistics would mirror this sentiment, and it’s funny to look at the obvious dip in July sales. No matter how far I go back, there is always this July dip. Honestly, it’s not as bad as I expected, but it’s definitely there. Looking at this graph, you see that spring is the height of the market each year, then a little dip in mid-summer, then a Sept/October bump, then sales decline to the bottom which is always in January/February. March, April and May are the busiest months every year.

KC Home Sales Similar to National Market

In this Redfin article, you’ll see that pending home sales have fallen about 4% year over year in June. I checked the Kansas City Regional Association of Realtors reports, and this mirrors our market. Interestingly, our home prices are increasing slightly more than national numbers (our median sales price climbed 2.3% year over year for the month of June, vs just a 1% increase nationally). What does this mean? Prices are still rising, but with less intensity. There are more homes for sale and fewer buyers, and this translates to less competition and more options for buyers (finally!). Essentially, it’s still a seller’s market, but the buyers aren’t getting beat up anymore.

Mortgage Rates Steady For the Last Year or So

I checked Capitol Federal’s Mortgage Rates today and they are about 6.75% for a 30-year mortgage. This mirrors the national rate average which is also 6.72% today (per Freddie Mac). This is about the same as average rates over the last year/52 weeks; the national average for the last 52 weeks is 6.68% according to Freddie Mac. What does this mean? It means get used to rates in the 6’s! They seem to be here to stay for now.

Sarah’s Garden Update

My garden is producing and I even picked a delicious batch of shishitos yesterday, but in all honesty, this is not my best year for gardening. I’m not sure why, but I’m just not getting out there as much lately. I think I will just blame my children and the mosquitoes for keeping me from my weeding and watering. But I’m planning to whip it into shape this weekend! Wondering what to plant? Don’t plant! It’s too hot. Just maintain what you have. We can start planting again in August; I’ll make sure to send an update.

More Real Estate Agents than Listings in KC

Just as a fun little tidbit, I looked up the number of agents vs the number of listings in the MLS area. There are more agents than listings! We have 11,775 active MLS members, and 11,320 listings in the entire MLS area (commercial/residential/land/multifamily). I’m not sure what to make of this, but as someone who makes a living in real estate – this is a bit frightening. There is no shortage of agents and the bar to entry is low, so make sure you find a qualified, experienced, full-time agent when the time comes. Set your goals and decide what’s important to you, then find someone who can meet your needs exactly how you want.

Sarah Goes to the Beach at Lake Michigan

I was blown away by the beaches of Lake Michigan in southwest Michigan. We visited a state park with mountains of dunes, Warren Dunes State Park, and just had a typical beach vacation, except we were at a lake instead of the ocean. The sand was perfect, the beaches were spacious, and it was actually better without the humidity and salt water. Plus, the 4th of July on the beach was epic! I will end this post with photos of my trip (photo credit to my friends and husband because I only took two pics the whole time – oops!)

If you need help buying, selling, getting real estate advice, fighting property assessments, finding trustworthy vendors or contractors, or really anything home related – reach out. I have almost 20 years of experience as a full-time agent, and I’m always happy to be a resource for my clients, friends, and readers. -Sarah