Report shows St. Louis metro prices to decrease by 2% in next 12 months

By Dennis Norman, on July 20th, 2009

Dennis Norman

By: Dennis Norman

A report published by Local Market Monitor, Inc. predicts the St. Louis metro area will see real estate values decline 2% in the coming 12 months. This projection does not sound bad and would support the possibility that the market is leveling off and perhaps we have seen the bottom.

Local Market Monitor June Graph

Local Market Monitor Graph - St. Louis Metro Area, Home Values Forecast vs. Actual

The report also states that in the St. Louis metro market jobs have fallen by 2.5% in the past year, compared with a drop of 4% nationwide. According to Local Market Monitors “Equilibrium” report, home prices in this area are “balanced”, meaning not over priced, nor under priced. They also note that home prices in our market are 27% lower than the national average.

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