Kansas City Market Forecast for 2015
Our Kansas City market has seen a number of changes over the past years. We’ve seen the good times, we’ve seen the not as good times. Now we’re all wondering what’s on the horizon for 2015. Let’s take a look back:
Here (above) we see that, in our area, sales have increased but are perhaps finding an equilibrium point and slowing their growth. They are still up overall, but it is interesting to note the flip in Under Contract homes and For Sale homes in September and October. That is typical of the fall, indicating a restriction in inventory but November shows more of a spring like trend, with a rise in properties Under Contract. Could this mean a strong Winter selling season?
As for 2015, the future looks bright without being blinding. After outpacing the U.S. as a whole over the recent recovery, employment growth in the Kansas City area has slowed recently. This should be a temporary lull, however, and employment growth next year should be solid.
Mortgage rates remain exceptionally low, and the Mortgage Bankers Association forecasts that the 30-year fixed rate will remain below 5.3 percent through the end of next year, suggesting that financing costs will not become a hindrance to the housing market any time soon.
Call me today for a forecast in your specific area.