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 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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- St. Louis metro home prices increase in 3rd quarter but down from a year ago
- St Louis housing prices projected to drop 1 percent in next 12 months
- St Louis Real Estate News: Foreclosures in the St Louis metro area decrease over 29 percent in October
- Case-Shiller report shows U.S. home prices increased slightly in June