Kansas City Home Values Fell
The Kansas City Business Journal reported, “Kansas City home values fell from March to April, the first month-over-month decline in four years, according to a report from Zillow.”
“Home values fell 0.2% from March to April, the first monthly drop since January 2015. The drop mirrors a 0.1% fall in U.S. home values, the first monthly decline in seven years, according to the report.”
“It’s too soon to say for sure what this means for Kansas City’s housing market long term,” Sarah Mikhitarian, senior economist at Zillow, told the Kansas City Business Journal in an email. “Home values in Kansas City have grown quickly since 2016, and it’s possible that home values will saw-tooth — decrease and increase slightly — over the next few months.”
“Home values have increased from this time last year, however. The median home value in Kansas City in April was $192,000, up nearly 8% from last year.”
“Mikhitarian said that increasing home values have outpaced income growth in the past few years, which accounts for the drop in value now.”
“After such rapid value increases, affording a down payment has become increasingly difficult for many prospective buyers,” she said.
Kansas City Home Values Fell
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