St Louis was ranked number 2 on the list of “Lowest Performing Major Metro Markets” just released by Clear Capital. The Clear Capital report listed the top 15 performing housing markets in the U.S. as well as the 15 worst performing housing markets in the U.S. during the month of May 2013, based upon home price appreciation on a quarter over quarter basis. At the top of the list of top performing markets is Las Vegas with a 4.5 percent increase in home prices from the prior quarter and a staggering 27 percent increase over the past year. In the 2nd spot on the list of worst performing markets is St Louis with a 0.7 percent decrease in home prices over the last quarter and a decrease of 3.1 percent from a year ago.
Not so fast though…Lets take a closer look…
I decided to take a look at the change in St Louis home prices for the 5 core St Louis areas, St Louis City and County, St Charles County, Jefferson County and Franklin County from May 2012 through May 2013. As the table below shows, all the counties with the exception of Franklin, saw an increase in median home prices for the year which is a sharp contrast to what is reported on the Clear Capital report below. In fairness to Clear Capital, their report covers the St Louis metro area which consists of 17 metro area counties, 8 of which on the Illinois side of the Mississippi so I’m not saying their data is inaccurate, I just think taking a closer look at the core part of the St Louis market on the Missouri side paints a better picture of what home prices are doing here.
Source: MORE, REALTORS – Based on information from Mid America Regional Information Systems, Inc., for the period May 2012 through May 2013
The Clear Capital Charts are below.
| Highest Performing Major Metro Markets | ||||||||
| Qtr/Qtr Rank |
Metropolitan Statistical Area | Qtr/Qtr % +/- |
Yr/Yr | REO Saturation | ||||
| 1 | Las Vegas, NV – Paradise, NV | 4.5% | 27.0% | 25.3% | ||||
| 2 | Sacramento, CA – Arden, CA – Roseville, CA | 3.5% | 21.9% | 17.8% | ||||
| 3 | Chicago, IL – Naperville, IL – Joliet, IL | 3.2% | 11.5% | 31.9% | ||||
| 4 | Phoenix, AZ – Mesa, AZ – Scottsdale, AZ | 3.0% | 25.7% | 14.9% | ||||
| 5 | San Jose, CA – Sunnyvale, CA – Santa Clara, CA | 3.0% | 22.2% | 6.9% | ||||
| 6 | Atlanta, GA – Sandy Springs, GA – Marietta, GA | 3.0% | 20.8% | 31.3% | ||||
| 7 | Miami, FL – Ft. Lauderdale, FL – Miami Beach, FL | 2.8% | 17.6% | 24.1% | ||||
| 8 | Los Angeles, CA – Long Beach, CA – Santa Ana, CA | 2.8% | 16.9% | 14.6% | ||||
| 9 | Riverside, CA – San Bernardino, CA – Ontario, CA | 2.7% | 16.0% | 22.8% | ||||
| 10 | Oxnard, CA – Thousand Oaks, CA – Ventura, CA | 2.7% | 12.6% | 14.8% | ||||
| 11 | Bakersfield, CA | 2.5% | 16.1% | 25.6% | ||||
| 12 | San Diego, CA – Carlsbad, CA – San Marcos, CA | 2.5% | 15.0% | 13.4% | ||||
| 13 | San Francisco, CA – Oakland, CA – Fremont, CA | 2.5% | 21.1% | 13.3% | ||||
| 14 | Orlando, FL | 2.5% | 14.0% | 23.3% | ||||
| 15 | Fresno, CA | 2.2% | 13.5% | 24.0% | ||||
Source: Clear Capital
| Lowest Performing Major Metro Markets | ||||||||
| Qtr/Qtr Rank |
Metropolitan Statistical Area | Qtr/Qtr % +/- |
Yr/Yr | REO Saturation | ||||
| 1 | Cleveland, OH – Elyria, OH – Mentor, OH | -4.3% | -4.0% | 39.1% | ||||
| 2 | St. Louis, MO | -0.7% | -3.1% | 30.2% | ||||
| 3 | Detroit, MI – Warren, MI – Livonia, MI | -0.7% | 6.9% | 47.8% | ||||
| 4 | Birmingham, AL – Hoover, AL | -0.4% | 5.1% | 25.7% | ||||
| 5 | Raleigh, NC – Cary, NC | -0.1% | -1.0% | 15.0% | ||||
| 6 | Dallas, TX – Fort Worth, TX – Arlington, TX | -0.1% | 3.9% | 17.6% | ||||
| 7 | New Orleans, LA – Metairie, LA – Kenner, LA | 0.2% | 2.0% | 16.7% | ||||
| 8 | Charlotte, NC – Gastonia, NC – Concord, NC | 0.2% | 0.4% | 25.8% | ||||
| 9 | Nashville, TN – Davidson, TN – Murfreesboro, TN | 0.2% | 3.2% | 19.6% | ||||
| 10 | Rochester, NY | 0.2% | 1.8% | 3.8% | ||||
| 11 | Milwaukee, WI – Waukesha, WI – West Allis, WI | 0.3% | 7.7% | 19.2% | ||||
| 12 | Louisville, KY | 0.4% | 1.7% | 19.8% | ||||
| 13 | Honolulu, HI | 0.4% | 6.4% | 3.5% | ||||
| 14 | Memphis, TN | 0.4% | 5.0% | 30.8% | ||||
| 15 | Baltimore, MD – Towson, MD | 0.6% | 4.4% | 10.3% | ||||
Source: Clear Capital
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