A recent article by STL Today indicated that home affordability in St Louis had fallen, specifically noting that affordability in St Louis County had fallen below historic “norms”. As is always the case with stats, it depends upon which data you are taking into account and the accuracy of the data. I decided to take a look at the data and see if my data showed the same result as the STL Today article.
Affordability is UP in St Louis county, not DOWN…
As the table below shows, home affordability in St Louis county has actually increased in the past year, not decreased as reported in the aforementioned article. For the purposes of my analysis, I used home sales data for “non-distressed” sales only, so not including foreclosures or short sales, to get a more accurate picture of the true market.
Affordability has improved in Jefferson County as well but, as the table below shows, has declined in the past year in the city of St Louis, Franklin county and St Charles county.
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