Barely over 3 month supply of homes for sale in St Louis
Home sales in the U.S. fell slightly in February from the month before, according to the National Association of REALTORS’ pending home sales index. The index slid to 104.8* in February from 105.2 in January however was still 8.4 percent higher than a year ago and at the second highest level in nearly three-year. Lawrence Yun, chief economist for NAR, said “limited inventory is holding back the market in many areas” and that “only new home construction can genuinely help relieve the inventory shortage…”
As the chart below shows, the number of homes for sale in St Louis has declined almost 9 percent (8.9) in the past year, from 14,596 homes for sale in St Louis (St Louis MSA) in February 2012 to 13,260 homes for sale in St Louis in February 2013. During the same period the absorption rate in St Louis (homes sold or taken off the market) has increased slightly from 4,322 homes in February 2012 to 4,370 homes in February 2013. At the current absorption rate there is just over a three-month supply of homes for sale in St Louis. So, if you have thought about selling, now may be the time! For current home prices and market conditions in your area, Click Here.
*An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.