Dennis Norman - St Louis Real Estate News

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.

Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES

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 →

St. Louis Housing Market Trends: Navigating the Shift in Supply and Pricing

By Dennis Norman, on October 28th, 2023

The St. Louis housing market is undergoing some noteworthy changes, according to the latest data from MORE, REALTORS®. As of today, the supply of homes for sale in St. Louis stands at 1.43 months, a slight uptick from the 1.38-month supply reported at the end of September and the highest level in over 3 years. Additionally, the median price has settled at $260,000, and nearly half (48%) of the active listings have reduced their asking price from their original figures.

A Closer Look at Pricing Trends Two additional reports from MORE, REALTORS® offer a nuanced view of the market’s pricing Continue Reading →

Sitzer v National Association of Realtors: A Mid-Trial Summary

By Dennis Norman, on October 27th, 2023

I’ve been discussing and writing about the Sitzer v National Association of REALTORS®, et al, lawsuit since it was originally filed in 2019. My previous articles on this case, as well as the Moerhl suit—a similar lawsuit filed in Illinois—can be found at the links below, which are in chronological order with the most recent first:

Do Agents Steer Homebuyers? National Association of REALTORS and Big Brokerages Dealt Another Blow In The Moehrl Class Action Lawsuit Today How the real estate industry is going to be turned upside down and why sellers may no longer have to pay buyer agents Continue Reading →

Beware of Seller Impersonation Fraud: A Real-Life Example and How to Protect Yourself

By Dennis Norman, on October 27th, 2023

Seller impersonation fraud, also known as deed fraud, is a growing concern in the real estate industry. This type of fraud involves forging the property owner’s signature to illegally transfer ownership of the property. A recent case in the City of St. Louis serves as a cautionary tale for homeowners.

A Disturbing Case in St. Louis

Bernadette Brown, a member of the Royal Realty Group LLC, recently discovered that a property owned by the LLC at 1129 Penrose Street, St. Louis, MO 63107, was conveyed to Keith Brown via a Quit Claim deed. Bernadette Brown claims her name was forged Continue Reading →

Do Agents Steer Homebuyers?

By Dennis Norman, on October 24th, 2023

As if there wasn’t enough negative attention on the real estate industry, last week a study was released, “Et Tu, Agent? Commission-Based Steering in Residential Real Estate.” The study suggests that buyer agents may steer their clients away from properties offering low commissions. It argues that this is a key reason why agent commissions have remained high in the digital age, even as commissions in other industries have declined. According to the report, listings with the lowest commissions take 33% longer to sell and face a 75% greater risk of not selling at all.

So, is this true?

That’s a Continue Reading →

Remodeling Market Shows Signs of Cooling

By Dennis Norman, on October 12th, 2023

The National Association of Home Builders (NAHB) recently released its NAHB/Westlake Royal Remodeling Market Index (RMI) for the third quarter of 2023. The index showed a decline, with a reading of 65, which is three points lower than the previous quarter. Despite the dip, the index remains above 50, indicating that more remodelers view the market conditions as good rather than poor. However, the decline suggests that the remodeling market is experiencing some cooling off, particularly in larger projects.

Current Conditions and Future Indicators The Current Conditions Index, which is an average of three components including large, moderately-sized, and small Continue Reading →

St Louis Foreclosure Activity Increases Over 32% From a Year Ago

By Dennis Norman, on October 12th, 2023

During the 3rd quarter of this year, there were 1,200 properties with foreclosure filings in the St. Louis MSA, according to the U.S. Foreclosure Market Report by ATTOM Data. This marks a 17% increase in St. Louis foreclosures from the prior quarter and an increase of 32% in St Louis foreclosure activity from a year ago.

The table below reveals that the city of St Louis saw the most foreclosures during 3rd quarter, followed by the Illinois counties of St Clair and Madison.

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

St Louis Continue Reading →

Is The Decline in St Louis Buyer’s Agent Commission Rates a Sign of Times to Come?

By Dennis Norman, on October 11th, 2023

For years, the average buyer’s agent commission rate in the St. Louis real estate market has remained remarkably stable. According to a chart from MORE, REALTORS®, the rate has consistently been at 2.7% for not just the past five years but for over two decades. However, recent data shows a notable shift. Starting in June 2023, the rate dropped to 2.6%, followed by a further decline to 2.575% in July and 2.5% in August, where it remained in September.

A Response to Legal Spotlight?

The timing of this decline coincides with a period of increased scrutiny on real estate commissions, Continue Reading →

Housing Market Sentiment Shifts: Buyer Optimism Hits All-Time Low as Seller Confidence Slightly Retreats from Record High

By Dennis Norman, on October 10th, 2023

Every month, Fannie Mae surveys consumers to gauge their sentiment on whether it’s a good time to buy or sell a home. The results are published in their Home Purchase Sentiment Index® (HPSI). In the most recent HPSI report, 84% of respondents said they felt now was a bad time to buy a home. This is the highest percentage holding this view since the survey’s inception in 2012.

On the flip side, 63% of those surveyed believed now was a good time to sell a home. This is a slight dip from last month’s 66%.

As for interest rates, a Continue Reading →

Comparing Real Estate Markets: Rockwood vs. Ferguson-Florissant School Districts

By Dennis Norman, on October 9th, 2023

The St. Louis real estate market is a complex landscape, influenced by various factors such as location, amenities, and notably, school districts. In this article, we delve into an exclusive comparison between two St Louis school districts: Rockwood in west St Louis county and Ferguson-Florissant in north St Louis county. Utilizing the STL Market Reports provided exclusively by MORE, REALTORS®, as well as infographics depicting census data, we aim to offer a comprehensive overview of these markets for the 12-month period ending September 30, 2023.

Key Market Trends

Rockwood School District

Decline in Sales: The Rockwood School District saw a Continue Reading →

St. Louis Luxury vs. Non-Luxury Home Inventory: A Tale of Two Markets

By Dennis Norman, on October 8th, 2023

As a follow-up to my previous article on the diverging trends in luxury and non-luxury home sales in the St. Louis area, we now turn our attention to the current state of inventory in these two segments. The tables below (exclusively available from MORE, REALTORS®) reveals a surprising contrast: the supply of luxury homes (with a list price of $700,000 or above) in the St. Louis 5-County Core market stands at 2.13 months, while the inventory for non-luxury homes is only 1.40 months.

A Closer Look at Luxury Home Inventory

The 2.13-month supply of luxury homes in the St. Louis Continue Reading →

St. Louis Real Estate Trends: Luxury vs. Non-Luxury Home Sales

By Dennis Norman, on October 6th, 2023

The St. Louis real estate market is experiencing a fascinating divergence in trends between luxury and non-luxury homes. According to the latest data from MORE, REALTORS®, the market for luxury homes—those priced at $750,000 and above—is on the rise, reaching its highest level in eight months. In contrast, the market for non-luxury homes, priced below $750,000, has been on a steady decline for about two years. This article delves into these trends, referencing two illuminating charts from MORE, REALTORS®.

Luxury Home Sales on the Upswing

The first chart from MORE, REALTORS® illustrates the upward trajectory of luxury home sales in Continue Reading →

St Louis New Home Building Permits For The Past 12-Months Decline in all Counties Except Warren

By Dennis Norman, on October 4th, 2023

There were 3,946 building permits issued for new single-family homes in the St Louis area during the 12-month period ended August 31, 2023. This represents a decline of 12.04% from the prior 12-month period, during which 4,486 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.

Continue Reading →