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The latest residential vacancy rate data from the U.S. Census Bureau for the St. Louis Metropolitan Statistical Area (MSA) shows that the rental vacancy rate for 2023 was an average of 7.73% and increase of over a percentage point from the previous year. As the chart below illustrates, the average St Louis rental vacancy rate for 2023 was the highest in four years. Search St Louis Homes For Sale Search St Louis Foreclosed Homes For Sale
St Louis MSA Rental Vacancy Rate 2015-2023 The latest home ownership data from the U.S. Census Bureau for the St. Louis Metropolitan Statistical Area (MSA) reveals that the ownership rate in the 4th quarter of last year was 69.5%, a decline of over 2 full percentage points from the same quarter in the previous year. The Census Bureau reports home ownership rates on a quarterly basis, and the average rate for 2023 in the St. Louis metro area was 69.5%. This marks the lowest average homeownership rate for St. Louis since 2019, when it was 68.1%. The homeownership rate reached a recent peak in St. Louis in Continue Reading → As 2023 drew to a close, the St. Louis metro real estate market concluded the year with a total of 31,747 homes sold. As highlighted in the chart below, this figure represents the lowest annual home sales in the St. Louis MSA in nine years, since 2014, when the total was 31,531 homes sold. Home prices in the St. Louis MSA have shown more resilience than sales volumes. As 2023 came to a close, the 12-month median home price per foot stood at $169, marking a 5% increase from the previous year. This trend provides a stark contrast to the Continue Reading → In the St. Louis real estate market, understanding the choices of retirees is crucial. The Merrill Lynch-Age Wave report, “Home in Retirement: More Freedom, New Choices,” offers valuable data-driven insights. It reveals a significant shift in retirees’ housing preferences, with a focus on lifestyle-driven relocation rather than just downsizing. Key Insights: Renovation Trends: Retirees are increasingly focusing on home renovations to improve comfort and safety. This trend is driven by the desire to age in place comfortably, adapting their living spaces to suit changing mobility and health needs, as well as to accommodate visits from family and friends. Continue Reading → Today, ATTOM released its ‘2024 Rental Affordability Report,’ presenting a comprehensive analysis of the current state of home rental and ownership in the United States. The report indicates that renting a median three-bedroom home is more affordable than owning a similarly-sized property in nearly 90% of the U.S. markets. This trend continues despite rents growing faster than home prices. A significant finding for our industry is that both renting and owning pose substantial financial burdens on average workers, consuming over a third of their wages in most county-level housing markets. Data for St. Louis County is consistent with the report. During the 12-month period ending November 30, 2023, there were 3,932 building permits issued for new single-family homes in the St. Louis area. This figure marks a 14.71% decrease from the previous 12-month period, which saw 4,515 permits issued, as per the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). The downturn was observed in all counties except Warren County, with five of them experiencing double-digit declines. Warren County notably reported an increase in building permits for the fourth consecutive month. Search St Louis Homes For Sale Search St Louis New Continue Reading → In their report, “A Surfeit of Real Estate Agents: Industry and Consumer Impacts,” the Consumer Federation of America (CFA) sheds light on a pressing issue in the real estate industry: the overwhelming number of agents. This surplus, as detailed in the report, is not just a numbers game; it’s a matter of market efficiency and service quality, deeply affecting both agents and consumers in markets like St. Louis. While I may not always agree with the Consumer Federation of America’s views, including certain aspects of this report, many of their points echo my own observations at MORE, REALTORS®. We constantly Continue Reading → The “St. Louis Metro Area Real Estate Market Report for December 2023, presented below, provides an overview of the St Louis real estate market for each county within the St Louis MSA. This infographic is a unique offering from “MORE, REALTORS, which is renowned for its expertise in St. Louis real estate market intelligence. Additionally, our brokerage prides itself on having a team of the most experienced and knowledgeable agents who are deeply committed to serving our clients throughout the St. Louis metro area Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES St Louis Metro Continue Reading → The St. Louis MSA has seen a notable decrease in foreclosure filings in the fourth quarter of 2023, with the numbers falling to 851, a 19% reduction from the previous quarter. When we look at the year-over-year data, the decline is even more significant, showing a 46% drop from the fourth quarter of 2022. This downward trend suggests a potentially stabilizing real estate market in the St Louis metro area, with fewer properties entering foreclosure. Within this broader picture, certain counties have experienced remarkable changes. Monroe County, for instance, recorded a sharp increase of 60% in foreclosure filings from Q3, Continue Reading → Since the suit was first filed in 2019, I’ve been following the the Sitzer v. National Association of REALTORS® case closely and sharing my thoughts on the potential impact it could have on the real estate industry, as well as on home buyers and sellers. This task has been far from dull, as the litigation has been filled with action, especially since the Missouri jury’s ruling in favor of the plaintiffs in October. The past week has seen an increase in legal activity from the defendants, making the situation even more intense. Below is a breakdown of the latest events Continue Reading → The “STL Market Report,” below exclusively available from MORE, REALTORS, provides a comprehensive look at the St. Louis residential real estate market as 2023 ended. This report outlines a mixed array of trends, highlighting a notable decline in the number of homes sold contrasted with a modest increase in median sold prices, offering in-depth knowledge for prospective buyers and sellers to navigate the market. Decrease in Home Sales Volume The St. Louis metro area witnessed a noticeable reduction in the volume of home sales year-over-year. A total of 31,704 homes were sold in the year ending December 2023, which marks Continue Reading → As 2024 approaches, I conducted my customary in-depth analysis of historical St. Louis real estate market data to get my projection for St. Louis home sales and prices. Home sales in the five-county St. Louis core market appear to be gradually declining, based on statistics and trends from the previous ten years, as seen in the chart below 2024 St Louis Home Sales… The data for the 12-month period ending December 31, 2023, will be available in a few days. I anticipate that home sales will be roughly 22,600 for the year, but there will be a slight decline by Continue Reading → The residential real estate industry is facing yet another antitrust lawsuit targeting the long-standing practice of home sellers paying the commissions of buyer’s agents. Filed on December 27th in Missouri federal court, Daniel Umpa v. National Association of Realtors alleges the NAR and large national brokerages like Compass and Keller Williams conspired to maintain inflated buyer agent commissions through anticompetitive practices. This latest suit comes on the heels of the Department of Justice’s ongoing investigation into potentially anti-competitive industry practices related to real estate commissions and access to MLS listings. It also follows similar buyer broker commission lawsuits brought in Continue Reading → The National Association of Realtors (NAR) is facing unprecedented difficulties, including antitrust lawsuits and charges of sexual harassment, according to a lengthy report published in the New York Times today by Debra Kamin. The analysis by Kamin offers a perceptive look at the internal turmoil and external challenges that NAR is facing. The customary practice of listing agents paying buyers’ agents fees is called into question by a landmark lawsuit in Missouri that resulted in a $1.8 billion verdict against NAR. The report quotes Compass’s Jason Haber as saying, “This is an extinction-level event,” highlighting the seriousness of these occurrences. Continue Reading → Recently, the real estate industry has found itself under increasing legal scrutiny, with multiple lawsuits challenging established norms. A critical point of debate is the REALTORS’ Clear Cooperation Policy. This policy mandates that within one business day of marketing a property to the public, agents must list the property on the MLS. While designed to promote transparency and cooperation among real estate professionals, it’s worth asking: Is this policy partly to blame for the industry’s legal challenges, or does it genuinely foster a fair and open market in compliance with the Sherman Antitrust Act? The Sherman Antitrust Act, a cornerstone Continue Reading → In a remarkable end-of-year surge, the St. Louis real estate market has shown significant growth in both home sales and new listings, according to the latest reports below, available exclusively from MORE, REALTORS®. The week of December 17-23, 2023, marked a notable increase in accepted contracts for home sales, jumping 26% compared to the same week in 2022. The rise was led by St. Louis County, which experienced an impressive 60% increase, indicating a robust demand in this area. Simultaneously, new listings in the St. Louis area rose by 10%, with St. Charles County, in particular, witnessing a 31% jump Continue Reading → Earlier this week, on Tuesday, December 19, 2023, the Moehrl v. National Association of Realtors (NAR) lawsuit saw a flurry of activity. Motions for summary judgment were filed by the remaining defendants, including the National Association of REALTORS® (NAR), Keller Williams Realty, Inc., BHH Affiliates, LLC, The Long & Foster Companies, Inc., HSF Affiliates, LLC and HomeServices of America, Inc. Notably, two other defendants, Realogy (now known as Anywhere) and Re/Max, had previously reached a settlement agreement with the plaintiff, which is currently pending court approval. With the exception of Keller Williams Realty, Inc., all of the real estate brokerage Continue Reading → A report just released by ATTOM Data Research details housing affordability for the largest counties in the St. Louis metro area for the 3rd quarter of 2023. Affordability, measured by the percentage of wages needed to buy a home, shows considerable variation across counties in Illinois and Missouri. This metric is influenced by factors such as median sales prices and average wages. For instance, in the County of St. Louis City (yes, it’s odd, but it’s a county), it only takes 17.3% of the annualized wages of an average earner to buy a median-priced home. In contrast, in St. Charles Continue Reading → Yesterday, the Missouri Supreme Court issued a ruling striking down Missouri House Bill 1606 (2022), particularly section 67.2300, which sought to criminalize unauthorized sleeping and camping on state-owned lands, making it a class C misdemeanor. The Court found this section to be in violation of the Missouri Constitution’s single subject requirement. In the decision, the Supreme Court emphasized that the inclusion of section 67.2300 introduced an impermissible additional subject—homelessness—into the bill, which was originally focused on political subdivisions. Justice Paul C. Wilson, writing for the Court, noted that the provisions of section 67.2300 “do not fairly relate to or have Continue Reading → Traci Casper, NAR President In a recent interview with CNBC, Traci Casper, the President of the National Association of Realtors (NAR), shared her views on the current state of the housing market and the implications of recent commission lawsuits. Her remarks provide an insight into the challenges and changes shaping the real estate industry, particularly relevant for the St. Louis market. Casper highlighted the impact of fluctuating mortgage rates on the housing market, mentioning, “We do have still such a pent-up buyer pool that’s just been waiting on the sidelines… we are starting to feel them Continue Reading → As we observed yesterday, there’s been a significant shift in the mortgage landscape. The interest rate for a 30-year fixed-rate conventional mortgage fell to 6.62%, the lowest since May 12, 2023, when it stood at 6.55%. This decrease might signal a turning point in the housing market, especially considering the erratic rate movements we’ve seen over the past several months. More encouraging news comes from the FHA sector, where the 30-year fixed-rate dropped to 6.13%, marking its lowest since May 11, 2023, when it was 6.12%. These recent figures hint at a trend that could reignite buyer interest and energize Continue Reading → Federal Reserve Chair Jerome Powell’s press conference yesterday, along with the Federal Open Market Committee (FOMC) statement, provide crucial insights into the Fed’s economic outlook and monetary policy. These insights are pivotal for understanding the trajectory of mortgage rates and the St. Louis real estate market. Powell’s Press Conference Highlights Economic Activity and Rate Adjustments: Powell noted, “We have raised our policy interest rate by 5-1/4 percentage points… Our actions have moved our policy rate well into restrictive territory.” Housing Sector Observations: He remarked, “After picking up somewhat over the summer, activity in the housing sector has flattened out… largely Continue Reading → A recent national migration study by Atlas Van Lines sheds light on the movement patterns across the United States in 2023. For Missouri, and by extension, the St. Louis real estate market, these insights are particularly revealing. While the study highlights various states experiencing significant inbound or outbound moves, Missouri stands out for its balanced migration pattern. With 51% outbound and 49% inbound moves, this balance has been consistent since 2018, indicating a stable demographic flow in Missouri. This steadiness is an essential factor for real estate professionals in St. Louis, as it suggests a continuous opportunity to cater to Continue Reading → The real estate industry stands at a pivotal juncture, where longstanding practices are being questioned and re-evaluated. Central to this introspection is the structure of the Multiple Listing Service (MLS), a tool indispensable to our trade. Current legal challenges (such as the Sitzer v NAR lawsuit) and scrutiny from the Department of Justice, particularly concerning policies like clear cooperation and offers of compensation, have brought to the forefront a crucial question: Is the current MLS system, tied as it is to REALTOR® association membership, serving the best interests of our clients and the industry? The traditional model, which intertwines MLS Continue Reading → There were 3,932 building permits issued for new single-family homes in the St Louis area during the 12-month period ended October 31, 2023. This represents a decline of 12.60% from the prior 12-month period, during which 4,499 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). Five of the seven counties covered in the report saw a decline in building permits from the previous period with 4 of them seeing double digit declines. Warren County, on the other hand, saw a slight increase in permit activity for Continue Reading → The St. Louis Metro Area Real Estate Market Report for November 2023, presented below, provides an overview of the November 2023 St Louis real estate market for each county within the St Louis MSA. This infographic is a unique offering from MORE, REALTORS, which is renowned for its expertise in St. Louis real estate market intelligence. Additionally, our brokerage prides itself on having a team of the most experienced and knowledgeable agents who are deeply committed to serving our clients throughout the St. Louis metro area Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES In yet another pivotal moment for the real estate industry, oral arguments were made yesterday before a three-judge panel at the United States Court of Appeals for the District of Columbia Circuit in the ongoing battle between the National Association of REALTORS (NAR) and the Department of Justice (DOJ). The panel, consisting of Circuit Judges Henderson, Walker, and Pan, will now deliberate and make a ruling in the future, a decision that could significantly impact the industry. The case centers on NAR’s attempt to prevent the DOJ from reopening an investigation into the organization’s commission-sharing policies. The dispute revolves around Continue Reading → The real estate industry is potentially on the cusp of a significant shift, one that could redefine the relationship between homebuyers, sellers, and their agents. Several class-action lawsuits, including the Sitzer v. NAR case decided in favor of the plaintiffs last month, have brought considerable attention to how real estate agents representing buyers are compensated. Consequently, many in the industry, myself included, anticipate that changes prompted by either court order or regulation could significantly impact everyone involved in the home buying and selling process For Buyers: Empowerment through Transparency Historically, buyer’s agents have been compensated by the seller, creating a Continue Reading → In the ever-shifting sands of the real estate market, timing can be the key to unlocking exceptional value. A recent comprehensive study by ATTOM Data Services, which analyzed over 47 million home sales, uncovers a surprising twist specific to the Missouri housing market. While the national trend leans towards October for optimal home buying, Missouri charts a different course, offering a unique window of opportunity for prospective buyers. Discovering Missouri’s Seasonal Advantage This extensive study paints a vivid picture of real estate trends, providing invaluable insights for both buyers and sellers. For Missouri, the findings point to December as a Continue Reading → As of yesterday, the mortgage landscape has seen a notable shift, with the interest rate for a 30-year fixed-rate conventional mortgage dropping to 7.13%, marking the lowest point since September 1, 2023, when it was 7.08%. This recent decrease offers a glimmer of hope in the housing market, especially considering the turbulent fluctuations witnessed over the past months. Equally promising is the rate for 30-year fixed-rate FHA loans, which as of yesterday stood at 6.5%, again the lowest since September 1, 2023, when it recorded a rate of 6.45%. These latest figures suggest a trend that could lead to revitalizing Continue Reading → |
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