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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.

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

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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Should You Pay An Agent Bonus To Sell Your Home?

One of the more controversial topics to discuss within the REALTOR community is the topic of agent bonuses, a bonus that a seller, by way of the listing broker, would pay to the agent that sells their home, over and above the normal sales commission.  Sometimes seller’s, or their listing agents, see this as a way to draw more attention to their listing and to encourage buyer’s agents to show it and sell it.  However, there are many conflicting opinions on this topic within the industry which creates some confusion for seller’s (and buyer’s for that matter), so I thought I would take some time to discuss it.

Why not just offer a higher sales commission?

The first thing that comes to mind when addressing bonuses is, if a seller wants to offer more compensation to a buyer’s agent, why not simply agree to a higher commission rate and/or higher payout to the buyer’s agent (the portion of the commission the listing agent shares with the buyer’s agent).  Well, this is where some of the problems with bonuses arise.  The reason seller’s don’t do it this way is the bonus is usually conditional, meaning it will only be paid, if certain terms prescribed by the seller or listing agent are met, whereas the buyer’s agent commission must be paid at the rate published in the MLS no matter how good or bad the seller feels the deal is they accept.  For example, below are some bonus offers from the “agent only” remarks section of the MLS (comments only agents see and not the public):

  • *Buyer’s agent bonus of $2000 for accepted contract on or before 8/21/16″
  • “ATTENTION!!! $5,000 AGENT BONUS FOR AN ACCEPTED OFFER BY 9/15/16!!! “
  • “$1000 Buyer Agent Bonus @Closing if FULL net price Seller accepted contract on or before 7/11/16.”
  • “AGENT BONUS!!! $3,000 with successful closing by mid August.”
  • “Seller is offering a BUYERS AGENT BONUS PAID DIRECTLY TO THEM of $5000 for bringing an offer that is accepted and closes prior to Sept. 15, 2016!!”

So, as you can see, the bonuses are conditioned upon some sort of “performance” on the part of the buyer’s agent, such as producing an acceptable offer by a deadline, closing the sale by a deadline or even netting the seller seller full price.   Therein lies the answer to the question of why not just raise the commission…the seller wants something in return for the additional payment.

What’s wrong with the seller wanting something in return for the bonus?

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St Louis’ Fastest SOLD Neighborhoods

If you are a home buyer looking to buy a house in Ellisville, you better move quick as the homes there are selling fast!  As the table below shows, the average time it took to sell a home, for sales closed within the past 30 days, was just 13 days in Ellisville and, in fact, was below 30 days for all of the cities on the top 15 list.  You can see where you city ranks by click on the table to see the current, complete list.

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Continue reading St Louis’ Fastest SOLD Neighborhoods

Home Prices Up In All St Louis Area Counties From a Year Ago; Outlying Counties See Largest Gains

St Louis area home prices, for the 12-month period ending July 31st, have increased from a year ago in all of the St Louis counties that make up the core St Louis market.   As the table below shows, the median home price in the St Louis MSA for this period was $164,000, an increase of 5.81 percent from the same period a year ago.  Two counties, Lincoln and Franklin, saw home prices increase at a higher rate than the MSA with increases of 7.88 percent and 7.69 percent respectively.  The 3 top counties on the list are all outlying counties, and St Charles County, one of the fastest selling markets, saw the smallest increase in home prices with an increase of 3.59 percent.

 

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Continue reading Home Prices Up In All St Louis Area Counties From a Year Ago; Outlying Counties See Largest Gains

Home Sales Up In All St Louis Area Counties From a Year Ago; Jefferson County at top of list

Home sales in the St Louis area, for the 12-month period ending July 31st, are up from a year ago in all of the St Louis counties that make up the core St Louis market.   As the table below shows, in spite of the fact that the St Louis MSA saw home sales fall 4.2% during the period from 33,840 homes sold to 32,415, all of the counties in and around the St Louis area on the Missouri side of the river saw increases.

Jefferson County leads the way in home sales…

There were 3,259 homes sold in Jefferson County during the 12 month period ending July 31, 2016, an increase of 8.81% from the same period a year before when there were 2,995 homes sold.  As the table shows, the smallest increase in home sales for the areas reported on was Lincoln County which saw an increase of 1.55% for the period.

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Continue reading Home Sales Up In All St Louis Area Counties From a Year Ago; Jefferson County at top of list

St Louis County Has Highest Natural Hazard Risk For Housing In The Area

ATTOM Data Solutions just released their 2016 Natural Hazard Housing Risk Report, in which they score counties across the nation on risks posed to housing from natural hazards.   As the heat map below illustrates, St Louis County has the highest natural hazard ranking in the St Louis area at 59.8, followed by the City of St Louis at 55.3.  Granted, the scale goes all the way to 360, so, in the scheme of things, I guess these scores don’t sound so bad.

The biggest threats…

Not surprising, the biggest threats to St Louis, in terms of natural hazards, come from tornado and hail damage with the threat of both at “very high” for both St Louis County and St Louis City.  With all the recent flooding we have seen, I’m a little surprised that for both of those counties, flood risk is shown as “low”.   Oh yeah, to put your mind at ease, St Louis is ranked as “very low” for risk of hurricane storm surge or wildfires.
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St Louis Home Sales Up Nearly 6 Percent From Year Ago

There were 26,039 homes sold in St Louis during the 12 month period ending July 31, 2016 (5-county core St Louis market),  an increase of 5.9 percent from the prior 12 month period.  As the table below shows, the median sales price during the past 12 months was $174,900, an increase of 4.4 percent from the prior 12 month period when the median price was $167,500.

Home prices per foot …

As the table below illustrates, homes in the St Louis 5-county core market sold at a median price of $117/per foot during the prior 12 month period and, for closings that took place last month, the price per foot was $124.

Inventory is still low..

There are currently 6,951 listings for sale in the 5 county core market which represents a 2.9 month supply of homes for sale, about half of the 6-month supply that would be considered “normal”.

 

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St Louis Real Estate Market Update VIDEO – August 2016

The St Louis real estate market is still going strong!  As the video below illustrates, the St Louis real estate market continues to do well as we head into the end of summer.  The inventory of homes for sale remains low in most areas, which is good news for seller who face less competition and pricing pressure often resulting in multiple offers and quick sales.  From a home buyers perspective it may not be as fun as buyers find themselves often competing and frequently losing out to other buyers that either got their first or offered more.  Let your heart not be troubled though, our market update will also tell you where the buyers markets are too!

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 – August 2016

New Home Construction In The Midwest Slows In July But Still Up YTD From Last Year

St Louis New HomesNew home construction in the midwest region of the U.S.  occurred at a, seasonally-adjusted, annual rate of 112,000 homes in July, down 2.6% from the month before and down 6.7% from July 2015 when the rate of new home starts in the midwest was at 115,000 homes, according to a report released 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 69,100 new homes started, an increase of 15% from the same time last year when there were 60,000 new homes started.

On a national level, in July 2016, construction was started on new homes at a seasonally-adjusted, annual, rate of  770,000 homes, the highest rate since February 2016 when it was 845,000, just about the same rate as in June and up 1.3% from July 2015 when the rate was 760,000 homes.

 

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St Louis Foreclosure Activity Declines Nearly 20 Percent From Year Ago

There were 956 foreclosure filings on homes in the St Louis metro area during July 2016, a decline of nearly 20 percent (19.93%) from a year ago, according to a report released by ATTOM Data Solutions.  As the table below shows, during July 2016, foreclosure activity decreased from a year ago in 5 of the 7 Missouri counties included in report.  Franklin County saw an increase in foreclosure activity of 21.43% and the city of St Louis saw an increase of 9.23% from a year ago.

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Percentage of St Louis Homeowners With Negative Equity Grows Slightly

The number of homeowners that are “seriously underwater“, or in a negative-equity position, increased during the 2nd quarter of this year, according to a report just released by Attom Data Solutions.   During the 2nd quarter of 2106, 17.8% of the homeowners, with a mortgage, in the St Louis MSA were in a negative equity position, up from 16.6% the quarter before and up just slightly from 17.4% during the 2nd quarter of 2015.

To be included in this report, a homeowner has to owe 125% of the current value of their home, so these people are definitely “seriously underwater”.  Obviously, there are many more people that are in a negative equity position, meaning they owe anywhere from 100% to 125% of the value of they home in mortgages.

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St Louis Market Data (Home Prices, Sales, Trends and MORE) By City, Zip or County

St Louis Negative Equity or Underwater Homeowners

Dennis and Judy Jone’s $10.75 Million Ladue Manse Hits Market

If you are in the market for a 30,000 home with multiple guys suites, apartments for employees, bowling alley, racquetball court, spa, salon, 5,000 bottle wine cellar and a whole lot more on 4 pristine acres in Ladue, then you’re in luck!  The home of Dennis Jones, the founder of Jones Pharma, Inc.,  and his wife Judy, just hit the market with a price tag of $10.75 million, making it the most expensive current listing in the St Louis area.  In fact, according to MLS records, there has never been a home sold in St Louis for $10,000,000 with the highest being the home of Robert Fox at 2105 South Warson, which sold in 2015 for $9,000,000.

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St Louis Metro Area Remains A Hot Seller’s Market

The St Louis metro area housing market continues to be a hot seller’s market with 35,703 homes sold during the 12 month period ended June 30, 2016, an increase of nearly 7 percent from the prior 12 month period.  The median price of homes sold during the most recent period was $162,500, an increase of over 5 percent from the prior 12 month period.  As the table below shows, the price per foot on current homes listed for sale in the St Louis MSA is $118 and there is just over a 3 month supply of homes for sale (click table for current live data).

The St Louis Five-County market, consisting of the city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin, as the second table shows, is performing very similar to the overall St Louis MSA market.

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New Home Sales In Midwest Soar In June Increasing 44 Percent From Year Ago

St Louis New HomesNew home sales in the midwest region of the U.S. , like the temperature during the period, soared in June 2016 to a seasonally-adjusted, annual rate, of 85,000 new homes, an  increase of 44.1 percent from June 2015 when new homes in the midwest sold at an annual rate of 59,000 homes, according to a report just released by the US Census Bureau.

Last month, new homes were sold in the Midwest at a seasonally adjusted annual rate of 85,000 new homes, and an increase of 10.4% from the month before when new homes sold in the midwest at a rate of 77,000 homes.

On a national level, new homes sales last month were at a seasonally adjusted annual rate of 592,000 homes, an increase of 3.5% from the month before and an increase of 25.4% from a year ago.  Nationally, there is a 4.9 month supply of new homes, down slightly from 5.1 months in May and from 5.5 months a year ago.

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How Home Prices Have Recovered Since The Bottom In The Lowest And Highest Priced St Louis Area Zip Codes

After the housing bubble burst in 2008 we saw several years of declining home prices before home prices finally reached bottom in late 2011 and early 2012.  Due to the tremendous growth in foreclosure activity, as well as artificially inflated home prices as a result of sub-prime lending, many of St Louis’ lowest priced neighborhoods were hit the hardest.  So, now that we have seen a solid real estate market in St Louis for a couple of years, and prices are recovering, how have home prices in these hard hit zips recovered?  To determine this I have assembled the data on the first table below, showing the zip codes with the lowest median home prices during the first half of 2012 and then the zip codes with the lowest median home prices during the fist half of 2016.  As you can see,  while there were a few differences in 2016, the zip codes on the list are largely the same.

The crash also impacted the high price zips too….how have they done since?

Certainly the highest priced areas of St Louis were impacted as well by the crash, but, in most cases, not as bad percentage-wise as the lower priced zips.  To examine this, as well as how the prices in these higher-priced neighborhoods have done since, I also assembled the data for the St Louis zip codes with the highest median prices during the first half of 2012 as well as 2016.   Once again, most of the zips on the 2012 list remain on the 2016.

Low priced list zip, 63118, has seen home prices increase nearly 250% since the crash and high-priced zip, 63341,  over 40%!

In the second table below, I ranked the zips from both the low priced zip code list as well as the high priced zip code list to show those zips where home prices have recovered the most since the bottom.  On the low priced list, 5 zips have seen home prices increase by double digits, 3 of which are located in the city of St Louis and 2 in St Louis county.  On the high-priced zip list, the highest recovery was in 63341, the Defiance area of St Charles County, then of the next 4 highest increases in prices, 3 zips are in St Louis County and 1 in the City of St Lous.
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Big Wildwood Homes At Little Prices

If you are looking for a large home with a lot of space, in a good area, at a great price per foot, then an atrium ranch may be just the thing you need!  An atrium ranch style home has been designed to take full advantage of the large lower level a ranch style home has, and to create living space there that is equal in quality to the main floor space.  Typically this is accomplished with a large open area from the main level, to the lower level, often with a wall of windows, creating the “atrium”, high ceiling heights (often 9 feet), high quality finishes like the main level and lots of windows and natural light.  Building living space in the lower level can be done for less cost than normal 1st floor, or 2nd floor space so the end result is a lot of house for the money!  

For example, the table below shows all atrium ranch style homes that were available for sale today in Wildwood (Lafayette High School).  For each, I’ve shown the price,  the amount of square foot the homes have on the main level, the total living area including the finished space in the lower level and the overall price per foot revealing that the best value in Wildwood today, 17642 Lasiandra in Wild Horse Subdivision,  is priced at only $89 per foot (based upon overall living area).

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Foreclosures In St Louis During First Half of 2016 Down Over 27 Percent From Prior Period

There were 4,935 foreclosure filings on homes in the St Louis metro area during the first six months of 2016, a decline of 27.1% from the second half of 2015 when there were 6,770 foreclosure filings and down 9.75% from the first half of 2015 when there were 5,468 filings, according to a report just released by RealtyTrac.

As the table below shows, for the first half of 2016, foreclosures decreased in 13 of 15 counties in the St Louis area from the 2nd half of 2015 and 10 declined from the same period a year ago.

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St Louis Real Estate Market Update VIDEO – July 2016

The inventory of homes for sale in St Louis remains low making it a great time to be a home seller!  Home sales and prices are up in the St Louis area although we are beginning to see home prices rescind slightly as we near the end of the summer market and prices historically soften a little.

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 – July 2016

Should I Sell My Home Myself?

Should I sell my home myself” is something that some sellers are asking today, particularly those in fast selling neighborhoods and areas where the inventory of homes for sale is low, after all, how hard can it be to sell a home if homes are in such high demand?  Well, there’s a lot more to selling your home than it may appear on the surface, particularly today with all the many regulations that affect a home sale.

But I know people that are interested in my home…

Yes, finding people “interested” in your home is not that difficult, the tricky part is finding a buyer that is qualified, ready to buy, and is interested in your home at a price and under terms that work for you.  Lately, with the shortage of inventory of homes for sale, the problem hasn’t been finding a buyer, it’s been selecting the right buyer the leads to a successful closing and, for this, there is nothing better than having a professional real estate agent representing you who knows what to look for in a buyer.
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St Louis’ Slowest Selling Neighborhoods

Ok, this is the list that, if you are a seller, you don’t want to be on however, if you are a buyer looking for an opportunity, here are some places to consider buying a home where the competition from other buyers is not as fierce.  As of today, there are 30 cities/municipalities in the St Louis area that are on our “Slowest Selling Neighborhoods List”, below are the top 10 on the list (click on the list to see the current entire list).  At the top of the list is Byrnes Mill, one of 3 cities in Jefferson County that made the top 10 list, where homes for sale have been on the market an average of over 600 days.  Somewhat surprising is the fact that St Charles county, which has been a pretty has 4 cities on the list.
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Continue reading St Louis’ Slowest Selling Neighborhoods

Falling Interest Rates Make St Louis Homes Even More Affordable

Mortgage interest rates have been falling since last Thursday when the referendum passed for the United Kingdom to exit the European Union.  As the chart below shows, interest rates on a 30 year fixed-rate mortgage today averaged 3.44%, a new 52-week low and a decline of nearly 3/4 of 1 percent from a year ago when they were 4.20%.  The payment on a $160,000 home loan at today’s rates would be $713 (principal and interest), a decline of nearly 9 percent from a year ago when the payment on the same loan amount would have been $782.
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Home Affordability in Franklin County Improves By 9 Percent From Year Ago

One of the many benefits to living in the St Louis area has long been the affordability of good homes in nice neighborhoods, but that has even gotten better in the past year in three of the 5 major counties that make up the St Louis market.   As the table below shows, in Franklin County, due to lower home prices as well as interest rates, home affordability increased by 9 percent from May 2015 to May 2016.  Jefferson County, as well as the city of St Louis, also saw improvements in home affordability during the period however, St Louis County and St Charles County saw affordability slip by about 2%.
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St Louis Home Affordability - May 2016 - MORE, REALTORS

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St Louis Home Sales in 2016 Up Nearly 9 Percent From Same Time Last Year

There have been 10,070 Homes sold in St Louis this year so far (through May 31, 2016), in the 5-county core St Louis market, an increase of 8.7 percent from the same time last year when there were 9,261 homes sold.  As the table below shows, this years home sales is outpacing the prior 4 years thus far.  The core St Louis market is comprised of the city of St Louis as well as the counties of St Louis, St Charles, Jefferson and Franklin.

Pending home sales up as well but could show slowing trend…

At the chart below illustrates, year to date pending home sales (homes with contracts on them that have not closed yet) have increased 5 percent from the same time last year.  Through the end of May, 2016, there have been 10,953 pending home sales in St Louis up from 10,433 the same time last year.  With the closed home sales being up 8.7 percent, but pending home sales up only 5 percent, that would indicate one of two things: either a higher percentage of pending sales are closing and fewer failing along the way, or pending sales, a good leading indicator of the housing market, are slowing meaning we are going to possibly lose of some of the increase in home sales from last year over the coming months.

Declining Inventory Is The Problem…

To answer the question I raised above as to the reason for the slowdown in the rate of pending home sales, I looked at what I suspected to be the problem: inventory.  As the chart at the very bottom below shows, while home sales have been on the rise in the 5- county core St Louis real estate market, the inventory of homes for sale has been on the decline.  In May 2015, there were 2,540 homes sold in the St Louis 5-county core market and there was a 3 month inventory of homes for sale.  Last month, there were 2,735 homes sold and only a 2 month supply of homes for sale.  That decline of 33% in the supply of homes for sale is no doubt to blame for the decrease in pending home sales…if there is nothing on the market to buy there won’t be sales, simple as that.

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Continue reading St Louis Home Sales in 2016 Up Nearly 9 Percent From Same Time Last Year