Residential real estate had a good run in 2013 here in Kansas City, according to recent reports by industry insiders. Permits for single-family home construction broke the 4,000 mark in December for the first time since 2007, ending the year at 4,087 permits, up 24 percent from 2012, according to the Home Builders Association of Greater Kansas City. On the multifamily front, permits for 2,879 apartments and condos were issued in 2013, up 62.2 percent from the previous year.

The average sales price of an existing home rose to $172,976 in December, up 9 percent from 2012, and the price for a new home rose 3 percent to $357,330. The Kansas City Regional Association of Realtors also said 1,858 existing homes were sold in December, up 2 percent from 2012, and 206 new homes were sold, down 6 percent from December 2012.

The new-home inventory was 21 percent higher than a year ago with 1,301 on the market. The supply of existing homes on the market dropped 6 percent to 9,106. The Realtors reported there was a 4.1-month supply of existing homes in December, making it a seller’s market. There was a 6.1-month supply of new homes in Kansas City, making it a balanced market favoring neither buyers nor sellers.