Today’s existing home sales report from the National Association of REALTORS® shows U.S. existing home sales in March decreased 2.6 percent from the month before but the Midwest region saw sales activity remain steady coming in at the same rate as the month before. Here in St Louis the story is even better as home sales for the St Louis five-county core (City of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) increased 22.5 percent from the month before and increased 12.4 percent from a year ago. (not seasonally adjusted – see chart below).
St. Louis Home Prices Increase in March but still down from a year ago….
The median home price in the U.S. in March was $163,800, an increase of 5.2 percent from the month before and an increase of 2.5 percent from a year ago when the median price was $159,800 however St Louis home prices beat the national average median St Louis home prices in March coming in at $113,500, a 9.6 percent increase from the month before and a 3.7 percent decline from a year. ago.
St Louis’ Supply of Homes for sale decreases from month before….
While the months supply of homes on the market in the U.S. was unchanged from the prior month at 6.3 months the St Louis home supply inventory dropped in March to 7 months from 8 the month before and is the second consecutive month the supply decreased.