KANSAS CITY, Mo. –With the ongoing COVID-19 crisis, high unemployment, and the financial uncertainty, many would think the housing market would suffer, but surprisingly it is booming.
Right now, buyers are snatching up new homes especially in the mid-price range.
The fall parade of homes is happening across the metro for the next two weeks. It features more than 250 new homes ranging from about $250 thousand to $2.5 million.
In the seventy year history of the Kansas City Parade of Homes, there have certainly been ups and downs in the market, but this uptick was completely unpredictable.
Building permits locally are actually up 15% compared to this time last year.
” for one, the mortgage rates are low and people are realizing, if we are going to be in our homes again shut down or if we’re going to be schooling our kids from home, we need more space. we need an office, we need a place for them to do their homework, we need more entertaining areas so we can have a movie on a big screen that sort of thing,” Kari English with KC home builder association, said.
The building boom in conjunction with the coronavirus has posed a few problems. For example, the price of lumber has skyrocketed and and most appliances are backordered.
Click here, if you are interested in seeing some of the homes on the fall parade.