The Missouri Department of Commerce and Insurance (DCI) is the state agency that investigates complaints against insurance companies made by consumers in Missouri. Annually, the DCI releases its complaint report reporting on the complaints made in the preceding year by company, type of insurance, etc. In compiling the report the DCI assigns a “complaint index” to each company, based upon the number of complaints the department received for a consecutive three-year period relative to the amount of product-specific premium a Missouri licensed company experienced that same period. An index number of 100 means that the department received the normally expected Continue Reading →
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Even with the high rate of inflation, rising interest rates and general unrest in the economy, during the past two weeks there were more new contracts written on listings than there were new listings. According to the STL Real Estate Trends Report, exclusively available from MORE, REALTORS®, during the last two weeks there were 1,496 new contracts accepted on listings in the St Louis 5-County core market while there were 1,432 new listings during the same period. While there were only 4.5% more sales than listings, given the fact we are already in a low-inventory market, this is fairly significant. Continue Reading → St Louis Real Estate Report for March 2022 (click on infographic for complete report including other counties) Yesterday, I wrote an article addressing the high rate of inflation just reported and its impact on the St Louis housing market. In it, I promised to take a deeper look into the effect of the current events related to the economy on St Louis home prices which I will do in this article. Before I go further, I should mention I’m not an economist nor a fortune teller. I am, however, a real estate broker and data nerd that has spent over 40 years in the St Louis real estate industry. I try my best to use my knowledge Continue Reading → This week it was announced that the U.S. inflation rate in March had increased to a staggering 8.5% the highest rate in over 40 years as illustrated by the chart below. The last time the inflation rate was higher than this was in December 1981 when it hit 8.9%. The “inflation rate” that I’m referring to, and is the most commonly reported, is based upon the Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average. One of the categories included in the CPI-U is “shelter”. The report shows the shelter inflation rate at 5% which, on the Continue Reading → Yesterday, I shared that, according to the Fannie Mae Home Purchase Sentiment Index (HPSI), nearly three-fourths of consumers think now is not a good time to buy a home. However, the same survey that produced that data also showed that tw0-thirds of the consumers that responded said if they would buy a home vs rent if they were in fact going to move. As our chart below illustrates, for 3 of the last four months, 66% indicated they would buy. While the percentage that indicated they would buy was as high as 72% last May, it was in fact the Continue Reading → Every month Fannie Mae surveys consumers about owning and renting a home as well as about other issues related to the housing market and economy and from the results publishes its Home Purchase Sentiment Index (HPSI). One of the components of the index is what the sentiment is on whether now is a good time to buy a home or sell a home. In April 2022, HPSI consumers’ sentiment on whether now is a good time to buy a home hit an all-time low with just 24% of respondents saying now is a good time to buy a home. As Continue Reading → Some remodeling projects are done by homeowners that plan to stay in their homes for the foreseeable future and want to get the most enjoyment and functionality out of living there. These homeowners typically aren’t as concerned, if at all, with getting a monetary return on their investment as their return is the enjoyment of the improvements. However, other homeowners, particularly those that may only be in their homes a couple of years or so before their next move, tend to focus more on making sure the remodeling they do will bring them a return on their investment to make Continue Reading → There were 4,669 building permits issued for new single-family homes in the St Louis area during the 12-month period ended February 28, 2022, a decrease of 5.8% from the same period a year ago when there were 4,956 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). Four of the seven counties covered in the report saw a double-digit decrease in building permits from the same period a year ago. Search St Louis Homes For Sale Search St Louis New Homes For Sale St Louis New Home Continue Reading → St Louis Real Estate Report for February 2022 (click on infographic for complete report including other counties) There were 4,743 building permits issued for new single-family homes in the St Louis area during the 12-month period ended January 31, 2022, a decrease of 2.5% from the same period a year ago when there were 4,864 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). Four of the seven counties covered in the report saw a decrease in building permits from the same period a year ago. Warren, Lincoln, and St Charles County had a double-digit decrease. Search St Louis Homes For Sale Search St Continue Reading → Mortgage interest rates were at 3.69% for a 30-year fixed-rate loan as of this past Thursday, February 10, 2022., according to Freddie Mac’s Primary Mortgage Market Survey®. As the chart below illustrates, mortgage interest rates hit a low of 2.77% in August of 2021 and have pretty much been trending upward since. Within the last few days, there have been a lot of reports in the media projecting mortgage interest rates to go higher this year. A lot of it is based on the current inflation rates which are not good so if the economy and rate of inflation improve, Continue Reading → Seventy-Percent of Consumers Think Now is a Bad Time To Buy a Home-83% Of Millennial’s Feel That WayAccording to Fannie Mae’s® Home Purchase Sentiment Index® (HPSI), 70% of consumers say it’s a bad time to buy a home while 25% feel it’s a good time to buy. As the chart below illustrates, this is the highest level reached for it not being a good time to buy in the 3-year period the chart covers. Actually, this is the highest level it’s reached since Fannie Mae began tracking the data in 2010. Millennials are pessimistic about home buying… The bottom chart also reflects the sentiment of consumers in the survey about buying a home now but Continue Reading → There were 4,825 building permits issued for new single-family homes in the St Louis area during 2021 which is 9 more permits than were issued in 2020, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). For the past few years, St Louis has experienced a strong seller’s market due to the low supply of homes for sale. This demand certainly seems to be something that would encourage builders to increase the number of homes being built significantly. However, there are many challenges facing St Louis builders today Continue Reading → Most anyone that is interested in buying or selling a home is pretty much aware of two things: there is a low inventory of homes for sale and prices have increased a fair amount as a result. That part is likely largely a result of basic economics related to supply and demand. When the demand is greater than the supply, prices will increase. In St Louis, home prices have done just that. As the chart below (exclusively available from MORE, REALTORS®) illustrates, the median price of homes sold in January 2020 was $221, 200 and in January 2021 was $245,000, Continue Reading → Today, thanks to many apps and access to information, all consumers have ready and easy access to their FICO (credit) score. Anyone thinking of buying a home no doubt knows their credit score will come into play in terms of qualifying for a mortgage but just how significant is your credit score? Is there really that much difference between a 670 and 700 credit score, or between a 700 and 741 score? Well, when it comes to mortgage rates, it does make a difference! A 670 FICO vs a 741 FICO will run up the typical cost of St Louis Continue Reading → Mortgage interest rates were at 3.667% for a 30-year fixed-rate loan as of this past Thursday, January 13, 2022. As the chart below illustrates, after dipping slightly the week prior, the rates this most recent week hit the highest level in over a year. Mortgage rates for an FHA mortgage also hit the highest level in over a year too with rates hitting 3.743%. Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Mortgage Interest Rates – 30 Years Conforming Conventional Loan -Past 12 Months (click on chart for live, interactive chart and other Continue Reading → There were 4,851 building permits issued for new single-family homes in the St Louis area during the 12-month period ended November 30, 2021, an increase of 3.17% from the same period a year ago when there were 4,702 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). Three of the seven counties covered in the report saw an increase in building permits from the same period a year ago, two of those, Franklin County and the City of St Louis, a double-digit increase. Search St Louis Homes For Continue Reading → The home sales trend in St Louis is easing with 29,778 homes being sold in the St Louis 5-county core market during the 12-month period ended December 31, 2021, according to the chart below provided by MORE, REALTORS®. This 12-month rate of St Louis home sales has declined for the 3rd month in a row after peaking at 30,225 homes sold in the 12-month period ended September 30, 2021. Leading indicator Reports Show a Downturn in Home Sales as well… The STL Real Estate Trends Report, below the chart, shows new contracts written on listings for the most recent week Continue Reading → As the STL Market Report (available exclusively from MORE, REATLORS®) below illustrates, there were 30,197 homes sold in the St Louis 5-county core market during 2021, an increase of 3.86% from 2020 when there were 29,075 homes sold. The median sales price of homes sold in the St Louis 5-county core market was $250,000 during 2021, an increase of 9.17% from 2020 when the median price of homes sold in St Louis was $229,000. The 5-county core St Louis market is comprised of the city and county of St Louis, along with the counties of Jefferson, Franklin, and St Charles. Continue Reading → There were 94,766 homes and condominiums “flipped” during the third quarter in the U.S., according to data just released by ATTOM Data Solutions. These flips represent 5.7% of all homes sales during the 3rd quarter of 2021, an increase of nearly 12% from the prior quarter when 5.1% of all homes sold were flips. Gross profit margins dip to the lowest point since early 2011… According to the report, the gross profit margin (the difference between the price paid for the flipped house when purchased versus the price paid by the new buyer when flipped) was $68,847. This represents a Continue Reading → Last month, there were foreclosure filings on 19,479 properties in the U.S., according to ATTOM Data’s U.S. Foreclosure Market Report. This represents a decline of 5% from the month before but a 94% increase from a year ago, according to the report. Let’s put it in perspective… Data and statistics are funny things. Even when accurately presented they can paint a picture that may sound worse, or better than the real situation behind the data. This is why I consistently suggest that people don’t base opinions of the market, or make decisions, on one piece of data. It takes many Continue Reading → As you’ve probably heard by now, the most recent inflation news was not good. As the chart below illustrates, the Consumer Price Index (CPI) for all products in the U.S. (city average) for November 2021 was 303.4, an increase of 6.88% from a year ago when it was 284.1. This is the highest 12-month increase in inflation we have seen in over 39 years, since June 1982. What effect will this record-setting increase in inflation have on home prices? The second chart below depicts the percentage change in the inflation rate from a year ago (the blue line) as well Continue Reading → There were 4,838 building permits issued for new single-family homes in the St Louis area during the 12-month period ended October 31, 2021, an increase of 2.98% from the same period a year ago when there were 4,698 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA). Four of the seven counties covered in the report saw an increase in building permits from the same period a year ago, three with a double-digit increase. St Charles County continues to show a trend of a slight decline in permits Continue Reading → Even though you wouldn’t know it by today’s forecasted high in St Louis of 50 degrees, we are entering the winter housing market. Every year, year after year, the St Louis winter housing market reacts pretty much the same way with home prices dropping a little and sales slowing followed by an uptick in both come spring. With that in mind, the declines we see in home prices in the chart and report below, available exclusively from MORE, REALTORS®, could be attributed to the seasonal change but are a little early for that, and different than last year. Sold home Continue Reading → New sales of listings (an accepted offer) in St Louis in November are outpacing new listings with 1.06 new sales for every 1 new listing. As the leading indicator reports below illustrate (available exclusively from MORE, REALTORS®), for the first 3 weeks in November, there have been 2,139 new sales of listings and 2,026 new listings. At the same time a year ago, new sales outpaced new listings at 1.24 to 1, so the current trend is down 15%. Worth noting in the data is that new sales of St Louis homes in the first three weeks of November 2021 Continue Reading → As the charts below illustrate, at the beginning of this year, mortgage interest rates for a 30-year conforming conventional loan were at 2.771%, FHA loans were at 2.703%, and VA loans were at 2.372%. As of yesterday, those rates have increased to 3.357%, 3.468%, and 3.101% respectively. While conforming 30-year conventional loans have seen an increase of 21% in rates (from 2.771% to 3.357%), FHA loans have seen an increase of 28% (from 2.703% to 3.468%) and VA loans have seen an increase of 30% (from 2.372% to 3.101%). What does this mean in terms of the cost of a Continue Reading → Last week I published an infographic in an article illustrating that 65% of the homes sold in St Louis sold at or above the list price. As the infographic below shows, this is a significantly higher percentage than was experienced in the midwest region as a whole where 55% of the homes sold at or above full price. Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Continue Reading → There were 4,938 building permits issued for new single-family homes in the St Louis area during the 12-month period ended September 30, 2021, an increase of 6.38% from the same period a year ago when there were 4,642 permits 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 an increase in building permits from the same period a year ago, three with a double-digit increase. St Charles County continues to show a trend of a slight decline in permits Continue Reading → |
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