Dennis Norman - St Louis Real Estate News

Is the REALTORS’ Clear Cooperation Policy Aiding Market Fairness or Fueling Legal Battles?

By Dennis Norman, on December 27th, 2023

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 →

St. Louis Real Estate Market Ending Year on High Note: Surge in Home Sales and Listings

By Dennis Norman, on December 26th, 2023

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 →

NAR Aims to Dismiss Moehrl Suit: Summary Judgment Motion Marks Latest Turn in Landmark Real Estate Case

By Dennis Norman, on December 22nd, 2023

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 →

Report Shows Average Wage Earner can Afford to Buy a Home In over half of the St Louis Areas Largest Counties

By Dennis Norman, on December 21st, 2023

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 →

Missouri Supreme Court Overturns Bill Criminalizing Sleeping on State Lands

By Dennis Norman, on December 20th, 2023

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 →

NAR President Traci Casper Addresses Housing Market Challenges and Commission Lawsuits in CNBC Interview

By Dennis Norman, on December 19th, 2023

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 →

Recent Drop in Mortgage Rates: A Turning Point for the St. Louis Real Estate Market?

By Dennis Norman, on December 15th, 2023

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 →

Analyzing Jerome Powell’s Latest Press Conference: Implications for Mortgage Rates and the St. Louis Real Estate Market

By Dennis Norman, on December 14th, 2023

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 →

Understanding Missouri’s Place in National Migration Trends

By Dennis Norman, on December 13th, 2023

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 →

Evaluating the MLS System: Time for Change?

By Dennis Norman, on December 12th, 2023

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 →

Majority of St. Louis Counties Experience Drop in New Home Building Permits

By Dennis Norman, on December 6th, 2023

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 →

St Louis Metro Area Real Estate Market Report for November 2023 with accurate data you can trust

By Dennis Norman, on December 6th, 2023

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

St Continue Reading →

Indications Lean Towards DOJ in NAR Legal Battle: Insights from Appellate Court’s Oral Arguments

By Dennis Norman, on December 2nd, 2023

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 →

Navigating the Changing Landscape of Real Estate: What Buyers and Sellers Need to Know

By Dennis Norman, on December 1st, 2023

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 →

Missouri Homebuyers, Mark Your Calendars: The Surprising Best Month to Buy Revealed

By Dennis Norman, on November 30th, 2023

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 →

Mortgage Interest Rates Show Promising Decrease, Offering Hope in the Housing Market

By Dennis Norman, on November 30th, 2023

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 →

“Adapt & Thrive”: A Webinar Guiding St. Louis REALTORS® Through Industry Changes

By Dennis Norman, on November 17th, 2023

In an era of rapid evolution in the real estate business, it’s crucial for St. Louis REALTORS® to stay ahead of the curve. We are excited to invite you to our upcoming webinar, “Adapt & Thrive: Navigating the New Landscape of Real Estate Post-Sitzer v. NAR,” on Wednesday, November 29th at 10:00 AM.

Why This Webinar Is Critical for Your Career The Sitzer v. NAR verdict marks a significant turning point in our industry. This webinar is crafted to help you understand and leverage these changes for your professional growth. Expect to gain:

Comprehensive Insights on the Sitzer v. NAR Continue Reading →

St Louis METRO EAST Real Estate Market Report for October 2023 with accurate data you can trust

By Dennis Norman, on November 16th, 2023

The St. Louis METRO EAST Real Estate Market Report for October 2023, presented below, displays data for St Clair County in Illinois and by clicking on the infographic you will reveal the market report for every county in Illinois that is part of the St Louis metro area. 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

Continue Reading →

St Louis Real Estate Market Report for October 2023 with accurate data you can trust

By Dennis Norman, on November 16th, 2023

The St. Louis Real Estate Market Report for October 2023, presented below, merges data from both the City and County of St. Louis. 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

We invite you to dive deeper into our comprehensive demographic, which also sheds light on the St Charles, Jefferson and Franklin County markets as well Continue Reading →

Interest Rates Hit Two-Month Low, Easing from 23-Year High

By Dennis Norman, on November 14th, 2023

The 30-year fixed mortgage interest rate has experienced a significant drop, reaching 7.4% – the lowest since September 20th, nearly two months ago. This shift provides a much-needed reprieve in the housing market, particularly following the rate’s surge to 8.03% on October 19th, a peak unseen since August 7, 2000, 23 years ago.

The October high had introduced uncertainty and slowed down the real estate market, impacting buyer affordability and seller activity. The recent decline to 7.4%, though still high historically, is a positive sign, potentially reinvigorating interest and activity in the housing market.

This change in rates is key Continue Reading →

St. Louis Foreclosure Rates Drop in October, But Certain Counties Experience a Rise

By Dennis Norman, on November 14th, 2023

The St. Louis MSA recorded 311 foreclosure actions in October 2023. This represents a significant decrease of 12% from September 2023 and a substantial decline of 71% compared to October 2022. This suggests a strong recovery or stabilization in the real estate market in the St. Louis area, indicating fewer homeowners are facing foreclosure compared to the previous year.

Search St Louis Homes For Sale Search St Louis Foreclosed Homes For Sale

Month over Month and Year Over Year Change in Foreclosure Activity in the St Louis MSA (By County)

Continue Reading →

St. Louis Ranks 9th Lowest for Average Down Payments among Top 50 U.S. Metros

By Dennis Norman, on November 14th, 2023

In the world of real estate, down payments have emerged as a significant financial factor for homebuyers across the United States, and St. Louis is no exception. A recent report from LendingTree sheds light on the dynamics of down payments, and it’s essential for prospective buyers and sellers in St. Louis to understand how the local market fares in this regard.

St. Louis Down Payment Statistics:

St. Louis ranks 42nd out of the nation’s 50 largest metropolitan areas in terms of average down payments. This ranking places it 9th in terms of the lowest down payment amount in the 50 Continue Reading →

Vigilance Against Real Estate Fraud: A Critical Reminder for the St. Louis Market

By Dennis Norman, on November 10th, 2023

In the ever-evolving landscape of real estate transactions, the threat of fraud has become increasingly sophisticated and pervasive. Recent alerts from Westcor and other title insurance underwriters highlight a worrying trend in real estate fraud, impacting not just foreign-owned unimproved lots but also residential and commercial properties across the board. As a leading voice in the St. Louis real estate market, it’s crucial to address these concerns and reinforce the importance of vigilance among our agents and clients.

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The Escalating Threat of Real Estate Fraud

Seller Impersonation: Continue Reading →

St. Louis Condo Sales Dip to a Nine-Year Low

By Dennis Norman, on November 8th, 2023

For the 12-month period ended October 31, 2023, there were 3,097 condominiums sold in the St Louis 5-county core market which, as the Condo 12-Month Sales and Price Trend Chart below (available exclusively from MORE, REALTORS®) shows, is the lowest total for 12-month sales since August 2014. The St Louis Condominium sales trend is faring slightly better than single-family homes sales are because, as I reported earlier this week, St Louis home sales have fallen to the lowest level since early 2013.

St Louis Condo prices increasing a slower pace….

As the chart at the bottom illustrates, the median price Continue Reading →

St. Louis Home Sales Dip to a Decade Low, Prices See Modest Uptick

By Dennis Norman, on November 5th, 2023

For the 12-month period ended October 31, 2023, there were 22,555 homes sold in the St Louis 5-county core market which, as the STL Market Report below (available exclusively from MORE, REALTORS®) shows, is a 17.38% decline in home sales from the the prior 12-month period when there were 27,200 homes sold. The median price of homes sold during the most recent 12-month period was $275,000, an increase of 3.777% from the prior 12-month period.

St Louis home sales trend continues to fall….

Below the market report is a STL Market Chart showing (also available exclusively from MORE, REALTORS®) Continue Reading →

St Louis Real Estate Market Report for September 2023 with accurate data you can trust

By Dennis Norman, on November 4th, 2023

The St. Louis Real Estate Market Report for September 2023, presented below, merges data from both the City and County of St. Louis. 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

We invite you to dive deeper into our comprehensive demographic, which also sheds light on the St Charles, Jefferson and Franklin County markets as well Continue Reading →

Mortgage Rates Take a Slight Dip Amidst Steady Federal Reserve Rates

By Dennis Norman, on November 3rd, 2023

In the ever-evolving landscape of the housing market, prospective homeowners and investors alike keep a close eye on mortgage interest rates. Today, there was a modest decrease in the 30-year fixed-rate mortgage interest rate, now hovering between 7.5% and 7.6%. This shift comes in the wake of the Federal Reserve’s recent decision to maintain the Overnight Federal Funds Rate at a range of 5.25% to 5.50%.

This current rate represents a slight relief from the recent peak in , yet it remains a figure that echoes the rates of over two decades ago. To put this into perspective, the last Continue Reading →

Nearly All St Louis Counties Continue Downward Trend in New Home Building Permits

By Dennis Norman, on November 3rd, 2023

There were 3,905 building permits issued for new single-family homes in the St Louis area during the 12-month period ended September 30, 2023. This represents a decline of 13.20% 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). Six 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 →

New Class Action Lawsuit Targets Major Real Estate Players Following Sitzer Verdict

By Dennis Norman, on October 31st, 2023

In a remarkable turn of events, just minutes after the jury sided with the homeseller-plaintiffs in the landmark Sitzer | Burnett trial, attorney Michael Ketchmark wasted no time in launching another legal salvo against the real estate industry. This new class action lawsuit, filed on behalf of three new homesellers, aims to further scrutinize the practices surrounding agent commissions.

The Defendants

This new lawsuit expands the list of defendants to include: Compass, eXp World Holdings, Redfin, Weichert Realtors, United Real Estate, Howard Hanna, and Douglas Elliman. Notably, the National Association of Realtors is once again named as a defendant, marking Continue Reading →

Update: Jury Returns Verdict in Sitzer Lawsuit, Awards $1.785 Billion in Damages

By Dennis Norman, on October 31st, 2023

In a groundbreaking development, the jury in the Sitzer v National Association of REALTORS®, et al, lawsuit has returned a verdict in favor of the plaintiffs. According to reports by Inman News, the jury found against all defendants and awarded a staggering $1.785 billion in damages. This decision could have far-reaching implications for the real estate industry, potentially reshaping commission structures and business practices.

The lawsuit, which has been closely followed since its filing in 2019, questioned the legality of certain real estate commission practices. The verdict is likely to send shockwaves through the industry, prompting legal reviews and potentially Continue Reading →