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St Louis Cities Where Median Home Prices Have Increased The Most In Past Year

Which cities within the St Louis area have seen the largest increases in the median price of homes sold during the past year?  Well, the cities on the top 10 list are pretty diverse both in price range and location and some may surprise you.  As the list below shows, the city of Pacific, in Franklin County, is at the top of the list with the median price of homes sold for the 12 month period ended October 31, 2016 coming in at $175,000, a 42.86 percent increase from the prior 12 month period.  Other cities on the top 10 list include St John and Overland, both mid-St Louis County communities with entry-level homes, as well as the affluent city of Ladue.

Now, before you get too excited, you should note that the list only represents the change the median price of homes sold, but does not necessarily indicate that each home in that community has increased by the percentage shown.  The change in median price could be largely the result of a big change in distressed sales, an influx of them at one period of time and diminishing quantity at another time or a new subdivision in a different price point hitting the market during a period of time.  This is why you don’t ever want to base decisions about the market, or on the value of your home, or one you are looking to buy, on simply one data point, or source of data.

With this in mind, I have included a second table, one that I believe more accurately reflects changes in home prices, below the first.  The second table looks at the median price per foot of homes in each city, therefore more of an “apples to apples” comparison.  As you will see, there are several cities that made both top ten lists which I think would be a very good indicator home prices are definitely rising in those markets no matter how you look at it.  You can click on either list to get the complete, live list as well.

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What Exactly Is A “Coming Soon” Listing?

While it’s not a new thing, there have certainly been a lot more “coming soon” riders on for sale signs in yards over the past couple of years than in prior years.  This has created some questions among home buyers, particularly when they ask their buyer’s agent about seeing a listing are told it is not available to be shown yet, then later see the rider on the for sale sign change from “coming soon” to “sale pending”.  So, what’s the deal with “coming soon” listings?

The good and the bad of coming soon listings:

The Good – Many good listing agents use “coming soon” as a way of generating interest in their client’s (the seller) home in advance of it hitting the market, perhaps while the seller is completing repairs or tweaks suggested by the listing agent or the agent is finalizing marketing materials.  Typically, this is done for a short period, perhaps a week or two, and then the agent makes it known to everyone the date the listing will be available for viewing which, when done on a properly priced listing in a market with reasonable demand, results in multiple showings the first day or two the listing is available for viewing, which is good for the seller and often results in a quick sale at, or near, the list price.

The Bad – While it’s rare, there are some listing agents that use “coming soon” as a way of trying to keep the listing to themselves.  They use it to attempt to force potential home buyers to contact them for info and to avoid having to cooperate with another agent on the sale, thereby saving both sides of the commission for themselves.  As I said, this is rare as most agents out there take their fiduciary responsibility to the seller seriously and practice their craft in an honest and ethical manner, however, it only takes a few to spoil it for all.

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Happy Thanksgiving!

Thanksgiving Proclamation

By the President of the United States of America, a Proclamation.

Whereas it is the duty of all nations to acknowledge the providence of Almighty God, to obey His will, to be grateful for His benefits, and humbly to implore His protection and favor; and—Whereas both Houses of Congress have, by their joint committee, requested me “to recommend to the people of the United States a day of public thanksgiving and prayer, to be observed by acknowledging with grateful hearts the many and signal favors of Almighty God, especially by affording them an opportunity peaceably to establish a form of government for their safety and happiness:” Continue reading Happy Thanksgiving!

Existing Home Sales In St Louis Increase Six Percent In Past 12 Months!

Yesterday, the National Association of REALTORS (NAR) released their existing home sales data for October 2016 which revealed home sales in the U.S. during that month were at a, seasonally-adjusted, annual, rate of 5.6 million homes, an increase in rate of 2 percent from the month before.   We track St Louis home sales data in a little different manner, comparing the most recent 12 month period with the prior 12 month period, so a rolling 12 month average of sorts.  Using this method, as the table below shows, home sales in the St Louis MSA for the 12-month period ending October 31, 2016, increased 6.0% from the prior 12 month period and we have branded the St Louis MSA housing market as a “Hot Seller’s Market“.

There were 36,139 homes sold in the St Louis MSA in the 12 month period ending last month, up from 34,089 homes sold during the prior 12 month period. During the most recent 12-month period, homes in St Louis sold for a median price of $167,837, an increase of 6.64% from the prior 12-month period when homes in the St Louis MSA sold for a median price of $157,388.

If we look at home sales for just the month of October, using the chart beneath the table below, we see that there were 2,925 homes sold in the St Louis MSA during the month, an increase of 8 percent from October 2015 when there were  2,711 homes sold.  The median price of homes sold last month was $165,000, a 7 percent increase from October 2015 when the median price of homes sold in the St Louis MSA was $154,000.

 

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St Louis Home Prices Rose Three Percent In Past Year

Home prices in St Louis rose in the past 12 months compared with with prior 12 months, according to newly released data by MORE, REALTORS.  As the report below shows, for St Louis City and County, the median price of homes sold during the 12 month period ended October 31, 2016 was $169,900, an increase of 3% from the prior 12 month period when the median sales price of homes sold in the city and county of St Louis was $164,900.  Home sales increased as well during the period with 16,233 homes being sold in the 12 month period ended October 31, 2016, an increase of over 7% from the prior 12 month period when there were 15,149 homes sold in the city and county of St Louis.

On a year over year basis, home prices in the city and county of St Louis were down just over 1/2 of 1 percent with the median home price for October 2016 slipping to $162,000 from $163,000 in October 2015 as the chart below the table indicates.  This helps illustrate why our reporting of a 12-month rolling period is more accurate then how many news outlets report year over year or month over month numbers.

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Boeing’s Consolidation Will Be Boost To St Louis Real Estate Market

This past week Boeing Co., one of St Louis’s largest employers (5ht or 6th largest give or take) announced they would be moving 500 jobs to St Louis from Huntington Beach, California as part of it’s Defense, Space & Security business.  The jobs they are bring to St. Louis are good jobs and will mean that roughly 500 employees, many with families, will be relocating to St Louis soon which will be a nice little boost to the St Louis housing market.  Granted, there were about 20,000 homes sold in St Louis and St Charles County (the two counties that stand to benefit most from the relocated Boeing employees) so 500 home sales is a just a small percentage, but given that the concentration of the buyers will most likely be within a 30 minute commute or so of Boeing, which is only a fraction of both of those counties (and a little part of the city of St Louis), it will have a fairly significant impact on that market.

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St Louis Real Estate Market Update VIDEO – November 2016

The supply of homes for sale in St Louis continues to decline in spite of entering the “slow season”.  As revealed in our market update video for November, the supply of active listings throughout the St Louis area remains low and, in 4 out of 5 of the “core-market” counties, has decreased since last month.  Contrary to popular opinion that spring is the best time to sell your home, if you are located in one of the areas with a very low supply you may very well want to take a hard look at selling now while the opportunity is there.

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – November 2016

Ten Neighborhoods In St Louis Where Homes Sell The Fastest

When I last published our list of fastest selling neighborhoods, back in the height of the spring/early summer market in mid June, the city of Shrewsbury was at the top of the list with an average time on market for listings of just 29 days.  Well, here we are approaching mid-November, the beginning of the typical seasonal slow down and Shrewsbury is still at the top of the list of fastest selling neighborhoods in St Louis and, to top it off, the average time on market of current listings is 34 days, just 5 days more than back in June!  As the table below shows, #10 on the top ten list has an average time on market of 59 days, just 14 days higher than #10 on the list back in June.

Does being a fast selling neighborhood drive prices up?

Just because a neighborhood is on our fastest-selling list, it doesn’t necessarily mean there is strong buyer demand which is making homes sell quickly and driving up home prices but, in most cases, that is part of the equation.  On the other hand, it could be price, more specifically price reductions by seller’s to find the “sweet spot” in the market, that is driving the demand and sales activity therefore, a neighborhood on this list could see declining home prices as well.   In the case of Shrewsbury, home prices are definite on the rise!  I have included below our exclusive Market Data Report for Shrewsbury which shows, over the past 12 months compared with the prior 12 months, the median price of homes sold in Shrewsbury increased over 15 percent from $150,000 to $172,750 while the number of homes sold in Shrewsbury has increased nearly 20 percent from 77 sales to 92 sales.

Near the bottom of the top ten list is the city of Overland which, while in a lower price range and more impacted by distressed sales than Shrewsbury, has seen an even larger increase in median home prices with the median price of homes sold increasing almost 25 percent in the most recent 12 month period from the prior 12 month period.   Home sales in Overland for the past 12 months remained flat with about the same number of sales as in the prior 12 months.

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Continue reading Ten Neighborhoods In St Louis Where Homes Sell The Fastest

St Louis Median Home Prices In October Increase Nearly Eight Percent From Year Ago

The median price of homes sold in the St Louis MSA during the month of October was $165,000, a 7.8 percent increase from the median sold price of $153,1000 from October 2015 in the St Louis MSA.  As the chart below shows, there are, as always, seasonal fluctuations in prices but the two year trend, has been a steady, and nearly normal, increase in home prices.  As I have mentioned before, looking at home prices for just a one month period versus a year ago is not the best way to really see the big picture of the market but it is a good way to spot trends.  This is why, below the chart, I have tables showing the sales data for the 12 month period ending October 31, 2016 as well for the prior 12 month period.  Those tables reveal that, for the most recent 12 month period, the median home sales price in the St Louis MSA was $164,789, an increase of 3 percent from the prior 12 month period when the median home sales price was $160,000.  On a price per foot basis, one of the best ways to truly look at home price appreciation, homes in the St Louis MSA sold for a median of $109/foot for the most recent 12 month period, an increase of 3.4 percent from the prior period when homes sold for $105.45/foot.

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Distressed Home Sales Fall To Lowest Level In 9 Years

A report recently released by ATTOM Data Solutions revealed shows distressed home sales in the U.S. (foreclosures, short sales and bank-owned real estate) accounted for just 12.9 percent of the home and condo sales in the U.S. during the 3rd quarter of this year which is down from 15 percent during the 2nd quarter and down from 15.9 percent a year before.  This is the lowest level for distressed home sales since the 3rd quarter of 2007, according to the report.  Distressed home sales peaked during the first quarter of 2009 when they accounted for 43.9 percent of all home and condo sales in the U.S.

St Louis Distressed Home Sales:

St Louis distressed home sales have followed suit and are on the decline as well.  As the chart below shows, there were 167 distressed home sales last month, down 17 percent from a year ago when there were 207 distressed homes sold during the same period.  However, if look at the past 3 months, there were 561 distressed homes sold in St Louis, down just 6.7 percent from the same period a year ago when there were 601 distressed home sales.

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St Louis Rental Vacancy Rate Rises In 3rd Quarter But Still Down From A Year Ago

The rental vacancy rate in the St Louis MSA the U.S. during the third quarter of this year rose to 9.5 percent from 5.5 percent the prior quarter, according to the latest data released by the U.S. Census Bureau. It is worth noting though that the 5.5 percent vacancy rate seen during 2nd quarter was, as the historical table below shows, the lowest quarterly vacancy rate for the St Louis MSA in well over a decade and 9.5 percent for the 3rd quarter of 2016 is still much lower than the 13.9 percent vacancy rate we saw for St Louis during the 3rd quarter of last year.

 

 

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Continue reading St Louis Rental Vacancy Rate Rises In 3rd Quarter But Still Down From A Year Ago

Homeownership Rate In St Louis Increases In Third Quarter; Still Near Record Low

The homeownership rate in the St Louis MSA rose to 67.2 percent in the 3rd quarter of 2016, up from 66.2 percent during the prior quarter but still not far from the 4th quarter 2015 rate of 65.2 percent, the lowest homeownership rate in well over a decade.  As the table below shows, which is based upon data from the U.S. Census Bureau, the St Louis homeownership rate peaked this year at 67.9 percent during the first quarter.  I believe the best way to see the trend in this data is to look at the 12 month rolling average, so we the seasonality of the data does not affect it.  As the table below illustrates, the current 12-month rolling average of the St Louis homeownership rate is at 66.6%, the lowest rate in well over a decade.

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Home Loan Applications Decline As Do Mortgage Interest Rates; St Louis bucks trend

New mortgage applications for a home purchase declined last week 7.0 percent from the prior week, according to a report just released by the Mortgage Banker’s Association (MBA).  The MBA’s Market Composite Index, which is how they track the volume of loan applications, fell to it’s lowest level for home loans for a purchase since January 2016.

Interest rates decline as well…

While the number of loan applications declined, so did the interest rate on home mortgages, according to the MBA report:

  • 30 year fix rate conventional mortgages decreased to 3.71 percent from 3.73 the week before,
  • 30 year fixed rate jumbo loans (larger than $417,000) decreased to 3.71 percent from 3.72 percent the week before,
  • FHA loans bucked the trend with interest rates increasing to 3.56 percent from 3.54 percent the week before,
  • 5/1 ARMS decreased to 2.93 percent from 2.97 percent.

St Louis home sales increase 5 percent during the same period:

The tables below reflect St Louis home sales for the same one-week period, compared with prior week, as in the MBA’s report and illustrate that St Louis perhaps appears to be bucking the trend.  St Louis  saw an increase in home sales during the most recent week, which, theoretically, should translate into an increase in home mortgage applications, contrary to what we see in the MBA report on a national basis.

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Continue reading Home Loan Applications Decline As Do Mortgage Interest Rates; St Louis bucks trend

St Louis Area $5Mil+ Homes For Sale

St Louis, with a  current median home price of about $165,000 is one of the more affordable places to live in country, however, St Louis also has it’s expensive real estate as well.  Granted, a couple of million bucks goes a lot further here than it does in, say,  San Francisco, where the median home price is about $1.1 million and, at a median price of about $950/sq ft, only buys you a home with about 1,100 square feet. Here in St Louis, while even the most expensive homes don’t usually fetch anything close to $950/foot, we do have homes that sell for several million dollars.

What kind of house can you get for $5 million in St Louis?

Currently, there are 6 $5 Mil+ homes on the market in the St Louis with the most expensive one being the Dennis & Judy Jones home in Ladue for $10.75 million, followed by 3 more in Ladue, one home in Pacific and one in Augusta.  See all of the $5Mil+ homes on the market below.

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City of St Louis Makes List of Top Millennial Rental Meccas

The city of St Louis is one of the “Top 17 Single Family Rental Millennial Meccas“, according to a report just released by Attom Data Solutions.  As the interactive info graphic below shows, St Louis joins the likes of Baltimore Maryland, Milwaukee Wisconsin and El Paso Texas, along with others, as a place that is ripe for investors to rent homes to millennials.  For the report, millennial were defined as people born between 1979 and 1993.  According to the report, investors that purchased rental homes in the city of St Louis during the first half of 2016 saw a gross rental yield of 12%, nearly 50% higher than the national average of 8.7%.  In addition, millennials make up nearly a third of the population of the city of  St Louis (29.3%) and 29.8% of the city is rental property, making for a solid rental market.  On the downside, the average wages in the city of St Louis is down 2% from last year.

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St Louis Real Estate Market Update VIDEO – October 2016

St Louis home sales and prices continue to trend favorably throughout the area.  The inventory of homes for sale in the St Louis area has increased over the past month but that is expected given the seasonal slow down in home sales.  Even though we are headed toward winter and the slower home selling season it brings, if you live in St Charles County or one of the other areas where the supply of homes for sale is low, you may want to strongly consider going on the market now to take advantage of what is still steady demand with little competition.

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – October 2016

17 Million First-Time Homebuyers Could Hit The Market During Next Five Years

Up to 17 million first-time homebuyers may buy a home during the next five years according to a new study just released by TransUnion.  Of these 17 million homebuyers, almost three million are expected to buy next year throughout the U.S.  The study reveled some interesting facts about the first-time homebuyer market, as well as the impact of the millennial generation on the market, such as:

Number of First-Time Homebuyers In The Market:

  • 4th Quarter 2000 (“normal” housing market, pre-boom era) – 768,0000
  • 4th Quarter 2005 (housing boom) – 1,087,000
  • 4th Quarter 2010 (during the “bubble burst” period for housing market) – 493,000
  • 4th Quarter 2015 – 550,000

Millennial Generation Market-Share of First-Time Homebuyer Market:

  • 4th Quarter 2000 – <1%
  • 4th Quarter 2005  – 13%
  • 4th Quarter 2010  – 32%
  • 4th Quarter 2015 – 49%

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Florissant Tramples the Rights of Landlords and Tenants With Passage of Crime Free Bill

On October 10th (well, technically October 11th since the final vote was not taken until reportedly 1:00 am) the city of Florissant dealt it’s latest blow to landlords and tenants.  The blow by way of  Crime Free Bill No. 9226 which was introduced by the Florissant City Council as a whole and was passed unanimously by the council in spite of opposition to the bill expressed by the St Louis Association of REALTORS, EHOC and others.  I have provided below a complete copy of Article XVII: Residential Real Estate of the city of Florissant ordinances as this was the section that was changed by the bill.

Highlights of changes as a result of Crime-Free Bill No. 9226:

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Foreclosure Activity Falls to Pre-Bubble Levels – Distressed Home Sales In St Louis Getting Harder To Find

There were 293,190 foreclosure filings in the U.S. during the 3rd quarter of 2016, which is a decrease of 10 percent from a year ago, according to a report released today by Attom Data Solutions.  This marks the fourth consecutive quarter in which foreclosure activity has decreased on a year-over-year basis and continues the steady downward decline in foreclosure activity we have seen for 6 years and has now finally fallen back to levels we saw prior to the housing bubble.

St Louis Distressed Home Sales Decline

Given the downward trend in foreclosure activity, it is not surprising that distressed home sales in St Louis (foreclosures, REO’s and short-sales) have declined as well.  As the chart below shows, over the past 24 months distressed home sales in the St Louis core market (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) peaked in April of 2015 with 300 distressed home sales but have trended downwardly since to 165 distressed home sales last month.  St Louis distressed home prices have remained fairly constant over the past 24 months. with a median sales price of $61,276 over the 2-year period and a median sold price of $60,550 in September.

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Check Out St Louis’s $2Mil+ Home Sales From The Past Year

Last month the median price of homes sold in the St Louis MSA was a very-affordable $169,000 however, during past 12 months, homes have sold for as much as over 50 times that amount in St Louis.   That’s right, during the past year there was a home that sold for $9,000,000 in St Louis, over 53 times the median St Louis home price.  The $9,000,000 St Louis home that was sold was at 2105 South Warson and sold in November of last year for $9,000,000.  The next highest home sale was a $4,000,000 one at 760 Kent Road, followed by 2 more Ladue homes.  In all, 13 of the 31 homes that sold in St Louis for more than $2,000,000 (based upon MLS data) were in Ladue, 7 were in Clayton (3 of those being condo’s), 3 in Town & Country, 2 in Huntleigh, 2 in Chesterfield, 2 in Creve Coeur and 2 in the Central West End (both were condos at the Private Residences in Chase Park Plaza).  See below for addresses, photos and details.

Continue reading Check Out St Louis’s $2Mil+ Home Sales From The Past Year

Finally Others Agree That The Mortgage Interest Deduction Isn’t Critical To The Housing Market

Over the past 5 years or so I have written a few articles on the topic of the mortgage interest deduction (MID) and how, in spite of what many others in the industry say, I didn’t think it was that critical to the housing industry.  All the while, the National Association of REALTORS (NAR) (of which I’m proud to be a member, just happen to disagree on this topic) has staunchly supported the MID and warned that if the deduction went away the housing market and home buyers would suffer.  NAR published a fact sheet on the topic stating:

  • Repealing the Mortgage Interest Deduction (MID) is a form of tax increase. Families with children would bear more than half of the total increase.
  • IRS data show that taxpayers in the 35-45 age group take the largest MID on average compared to any other age group of taxpayers.
  • First time home buyers would be hurt the most if the MID is curtailed.
  • Current data from the IRS show that 65% of the taxpayers who have claimed the MID made less than $100,000.
  • The housing market has not emerged from the crisis that began in 2007.

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If You Live In One Of These Areas NOW Is A Good Time To Sell Your Home!

Yes, it is October and yes, home sales, and prices, do tend to soften around this time of year as we head into the winter months, but, having said that, it can still be a great time to sell a home, especially if you are in one of the areas I’ve identified below!  Why?  Well, for one, there is VERY LITTLE COMPETITION but good demand from buyers.  So, even though the St Louis housing market, including home prices, can be following suit with the weather and cooling off, when you are in a market with good demand and no competition, you can sell your home for more than you could under normal conditions this time of year.  Plus, it’s a lot easier to please a buyer and motivate a buyer to act when there aren’t many homes to choose from and the buyer feel’s they’ll miss out if they don’t act quick enough.

The St Louis markets where NOW is the time to sell your home!

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Continue reading If You Live In One Of These Areas NOW Is A Good Time To Sell Your Home!

St Louis Distressed Home Sales Increase Over 40 Percent In August

There were 184 distressed homes (short-sales and foreclosures) sold in St Louis (the 5-county core market) during the month of August, an increase of 44 percent from July when there were just 128 distressed home sales.  As the chart below shows, distressed home sales in August 2016 declined 5 percent from August 2015 when there were 194 distressed homes sold in St Louis.

As the table below shows, the median price of distressed homes sold over the past two years was $61,000 and for the most recent month, August 2016, the median price was $$65,050.

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Midwest Region Of U.S. Has Greatest Increase In Home Sales In August From Year Ago

St Louis New HomesNew home sales in the midwest region of the U.S. during August 2016, increased 39.7 percent to a seasonally-adjusted, annual rate, of 81,000 new homes from a rate of 58,000 homes a year ago.

Nationally, new home sales during August were at a seasonally-adjusted, annual rate, of 609,000 homes, an increase of 20.6 percent from a year ago.  The midwest region saw the greatest gains in new home sales during the period with the west region coming in second with a 35% increase from a year ago, then the south region with a 15.0% increase.  The northeast region saw a 25.8% decrease in new home sales from a year ago.

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St Louis Existing Home Sales In August Up Over 9 Percent From Year Ago- Beats National and Regional Sales!

Existing home sales in St Louis during August 2016 were up 9.2 percent from August 2015, according to the latest data from MORE, REALTORS.  As the chart below shows, there were 3,230 existing homes sold in the St Louis MSA during the month of August, an increase of 2.7 percent from the prior month, when there were 3,143 homes sold.

St Louis home sales increase tops national and regional numbers…

The increase in existing home sales in St Louis of 9.2 percent in August from a year ago, beat out the 7.2 percent increase seen nationally during the month (non-seasonally adjusted) as well as the 7.0 percent increase seen in the Midwest region during the same period.

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New Home Construction In Midwest Jumps In August From Year Ago-Bucks National Trend

St Louis New HomesNew home construction in August increased in the midwest region of the U.S. by 10.5 percent from a year ago to a seasonally-adjusted, annual rate of 116,000 homes.  August new home construction activity in the midwest was up 6.4 percent from the month before as well when homes were constructed at a rate of 109,000 homes per year.  This  according to a report released today by the U.S. Department of Commerce.

In terms of actual (as opposed to seasonally-adjusted annual rates) new home starts, year to date there have been 80,000 new homes started, an increase of 13.6% from the same time last year when there were 70,400 new homes started.

On a national level, in August 2016, construction was started on new homes at a seasonally-adjusted, annual, rate of  722,000 homes, a decline of 6.0 percent from the month before and a decline of 1.2 percent from August 2015 when homes were started at an annual rate of 731,000 homes.

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St Charles County’s Strong Housing Market

For some time now, home buyers wanting to buy a home in St Charles County have not had a lot of listings to choose from and have had to move fast.   Based upon the current market data, I don’t see that situation changing, at least not in the near future.

As the chart below shows, home sales in St Charles county (the blue line) have been on the rise with the peak in spring/early summer this year topping the level hit last year and meanwhile, the time it is taking homes to sell (the black line) has been on the decline and hit the lowest level for the past few years in June of this year.

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Are Home Prices Too High In St Louis?

Last week, National Mortgage News, published an article on a report which indicated home prices and homeownership rates are “out of whack”.  While the article never actually said home prices were too high, per se, it pointed out that when home prices peaked in 2006, homeownership rates began to decline as a result, implying that home prices caused home ownership to slow.  It goes on to state that, while home prices have recovered to the levels they peaked at in 2006, the homeownership rate, on the other hand, has continued to decline.

Are home prices to blame on the decline homeownership rates?

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St Louis Real Estate Market Update VIDEO – September 2016

The inventory of homes for sale is creeping up, but still low!  In this month’s video you will see that the St Louis real estate market remains strong as we close out the summer selling season and head into fall.  The inventory of homes for sale has risen slightly, which is to be expected this time of year, but, overall, the market still favors sellers.

 

Want to know more?  If so, then check out our just-released, 5-minute, video market update below which will go into more detail and give you a quick overview of St Louis home prices, where the sellers markets are, the buyers markets and much more!  If you are considering buying or selling a home, or are an investor or just a homeowner wanting to keep up on the market, you don’t want to miss this!

Whether you are thinking of buying or selling and would like me to look at your situation and your market to determine the best strategy, just call, or text me, at 314.332.1012 and I’ll be happy to help!

St Louis Home Price Trends By City/Municipality 
St Louis Home Price Trends By Zip Code
St Louis Sellers Markets

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll  answer that question for you.

Continue reading St Louis Real Estate Market Update VIDEO – September 2016

Bridal Registry For Downpayment Money? Why Not?

For couples planning to get married before you spend the time doing the bridal registry thing at stores, picking out housewares, china and perhaps some other things you don’t really need or won’t use, consider putting a house on your list!   Well, maybe a house itself is a little much, but how about a downpayment for one?  This gives friends and families an opportunity to have their gift make much more of a long and lasting impact than a typical wedding gift.

How it works…

FHA has a program available whereby couples can contact a participating lender, such as the lender I would recommend, Mike Huber, with Movement Mortgage,  and request that a bridal registry account be established in their names.  Then, friends and relatives can give funds to the couple for their account, or deposit funds directly into the Bridal Registry account.  When it’s all said and done the couple is NOT required to use all of the funds, or even part of the funds, for downpayment however, if they choose to do so, FHA will allow those funds to be used to satisfy the downpayment requirement on a home mortgage.  If the couple has changed their mind about buying, they would simply withdraw the funds and do what they want with them.

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