St Louis Home Sales Doing Well In Spite of Rising Interest Rates & Inflation

By , on May 9th, 2022

There have been a lot of reports over the past month about rising interest rates (mortgage rates on a 30-year fixed-rate mortgage hit 5.27% last week) as well as rising inflation rates (8.5% in March) and the effect these things will have on the housing market. It’s no doubt they will have some affect on home prices and sales and I have been watching the data on St Louis home prices and sales closely and so far there does not appear to be much impact.

St Louis home sales increase in April from March…

There are two ways we analyze Continue Reading →

New Sales Last Week Declined Over Thirty Percent From The Week Before

By , on April 29th, 2022

Last week there were 551 new contracts written for the sale of listings in the St Louis 5-county core market down over thirty-six percent (31.3%) from the week before when there were 802 new contracts written, according to the STL Real Estate Trends Report, exclusively available from MORE, REALTORS®. The new sales activity last week was down even more (nearly 36%) from the same week a year ago when there were 851 new contracts written on listings. There is no doubt this is the result of mortgage interest rates which have nearly doubled in the last 15 months.

New listings Continue Reading →

Appellant Court Overturns Lower Court Dismissal of Anti-Trust Lawsuit Against the National Association of REALTORS®

By , on April 27th, 2022

The past several days have not been good for the National Association of REALTORS® (NAR) from a legal perspective at least.

First, last Friday, April 22, 2022, Stephen R. Bough, a Federal Judge for in the Western District of Missouri, certified a lawsuit against NAR as a class action suit.The suit, known as the “Sitzer” suit as the original plaintiffs were Joshua Sitzer and Amy Winger, alleges that the defendant, the National Association of REALTORS® “created and implemented anticompetitive rules which require home sellers to pay commission to the broker representing the home buyer“. The plaintiffs in the suit also Continue Reading →

New Sales Of Listings Continue To Outpace New Listings

By , on April 19th, 2022

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 →

How Much Will St Louis Home Prices Be Impacted By Inflation?

By , on April 15th, 2022

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 →

Inflation Rate Increases to 8.5 Percent in March…What will the effect be on home prices?

By , on April 14th, 2022

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 →

Nearly 75 Percent Of Consumers Think Now Is A Bad Time To Buy a Home

By , on April 8th, 2022

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 →

Home Remodeling Projects That Bring You The Best Return On The Cost

By , on April 8th, 2022

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 →

Typical St Louis Home Price Increased Nearly 11 Percent In Past Year – Payment On The Home Increased 25%

By , on January 23rd, 2022

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 →

St Louis Home Sales Trend Declining

By , on January 14th, 2022

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 →

St Louis Home Sales in 2021 Tops Year Before By Nearly 4 Percent – Prices Up Over 9 Percent

By , on January 12th, 2022

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 →

Flipped Home Percentage of Home Sales Increases – Profit Margins Decline

By , on December 20th, 2021

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 →

Inflation Has Largest One-Year Increase In Over 39 Years – Will Home Prices Suffer?

By , on December 11th, 2021

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 →

St Louis Home Price Appreciation Slowing

By , on December 8th, 2021

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 →

St Louis New Contracts On Listings Outpacing New Listings But By 15 Percent Less Than Last Year

By , on November 26th, 2021

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 →

Mortgage Rates Have Increased Significantly This Year

By , on November 24th, 2021

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 →

St Louis Beating Region On Percentage Of Homes Selling At Full Price Or Above

By , on November 17th, 2021

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 →

YTD St Louis Home Sales Through October Up Over 5% From Last Year

By , on November 14th, 2021

In spite of the challenges of a low-inventory market as well as the threat of inflationary pressure on the economy, St Louis home sales still remain strong. As the infographic below shows (exclusively available from MORE, REALTORS®) year-to-date home sales through October of this year are outpacing last year by over 5% and the prior 3 years as well by an even larger margin!

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

Search St Louis Homes For Sale    Search St Louis Upcoming OPEN HOUSES Continue Reading →

The House Payment on a Typical St Louis Home has increased just over 5% in 14 years

By , on November 13th, 2021

Anyone paying even a little attention to the St Louis real estate market will likely be aware of the fact that we have been in a strong seller’s market for the past couple of years and St Louis home prices, as a result, have increased significantly. In fact, as the infographic below shows (exclusively available from MORE, REALTORS®) the median home price for a St Louis home has increased more than 50% in the past 14 years. However, the good news is that during that same period mortgage interest rates have fallen and remained low resulting an increase in the Continue Reading →

Over 40% Of The Luxury Homes Sold In St Louis In October Sold At or Above List Price

By , on November 12th, 2021

Yesterday, I shared data showing that two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson, and Franklin) during October sold for the asking price or above. Today, I wanted to focus on just the luxury home market to see how that compared with the overall market. I included homes that sold for $750,000 or higher in this analysis.

As the infographic below shows (exclusively available from MORE, REALTORS®) there were 107 luxury homes sold (3.7% of all homes sold) during October in the St Louis Continue Reading →

Two-Thirds Of Homes Sold In St Louis Core Market In October Sold At Or Above List Price

By , on November 11th, 2021

Two-thirds of the homes sold in the St Louis 5-County core market (St Louis city and the counties of St Louis, St Charles, Jefferson, and Franklin) during October sold for the asking price or above. As the infographic below shows (exclusively available from MORE, REALTORS®) there were 2,888 homes sold during October in the St Louis 5-County core market with 65% of them selling at the list price or above. One thing to remember about home prices though, and something you won’t hear from too many people reporting prices, is that not all sold prices are the “real” price.

[xyz-ips Continue Reading →

Have St Louis Home Prices Finally Increased Too Much?

By , on October 31st, 2021

For the past few years now, we’ve experienced quite the seller’s market in St Louis fueled, in part, by a low supply of homes for sale. As a result, St Louis home prices have increased over the past few years at rates close to double the historic norm. Of late, we’ve heard a lot from people within, and outside of, the real estate industry expressing concern that home prices have gotten too high and even some have made comparisons to 2008 when the housing market saw the bubble burst. Being the data nerd I am, I’ve tried to keep emotion Continue Reading →

Has the St Louis Real Estate Market Peaked?

By , on October 18th, 2021

I’ve written a couple of articles lately addressing the news reports about the housing market cooling down. As I’ve addressed in those articles, there has not really been much data supporting a significant cooling in the St Louis real estate market. Additionally, I’ve noted that, due to the seasonality of the housing market, and the fact we are headed toward winter, a cooling of the market would be the seasonal norm.

So today, I decided to pick an easier question to answer, “has the St Louis real estate market peaked?” The short answer is yes, I believe it has. This Continue Reading →

St Louis Area Housing Market Report For September

By , on October 13th, 2021

The St Louis housing market appears to be cooling off slightly with fewer home sales last month than a year ago in 3 of the 5 St Louis area counties that make up the St Louis 5-county core real estate market. As the charts below illustrate, the decline in the overall St Louis market was very slight, with 3,164 homes sold last month just 11 sales fewer than September last year when there were 3,715 homes sold in the St Louis5-county core market. The charts have complete details but below is a recap of home sales and prices Continue Reading →

St Louis Home Sales Trend Remains Strong

By , on September 24th, 2021

More and more today I’m seeing reports in the media about the housing market cooling down and sales slowing which, quite frankly, I have expected and keep watching for signs of it in the St Louis real estate market. However, in spite of a few blips on the radar, all the data I’m reviewing still shows pretty steady and consistent home sales in St Louis. Don’t get me wrong, I fully expect us to see a cooling of the St Louis market if for no other reason, winter will be here soon and then we’ll be headed toward year-end when Continue Reading →

Number of St Louis Distressed Home Sales Declined Over 90 Percent In Past 10 Years

By , on September 23rd, 2021

There were a total of 550 home sales in the St Louis 5-County core market during the 12-month period ended August 31, 2021, a decline of over 90 percent (90.5%) from the same period 10 years earlier. As the chart below (available exclusively from MORE, REALTORS®) illustrates, the St Louis distressed home sales 12-month trend peaked in May 2013 with 6,078 distressed home sales in the prior 12-month period and has fallen to just 550 distressed home sales for the 12-month period ended August 31, 2021. For the purposes of this report, distressed home sales include the sale of homes Continue Reading →

St Louis Home Sales Trend Slows Slightly In August

By , on September 14th, 2021

There continue to be conversations by St Louis REALTORS® as well as other industry professionals as to whether or not the market is cooling off somewhat or slowing down. I keep watching the data closely to look for signs of a substantive change and while there are some, the market adjustments appear to be somewhat insignificant at this point. Last month, in an article about July’s market, I pointed out a slight slowing of the trend in July. Now, I’m taking a look at August, specifically, the number of new listings that came on the St Louis real estate market Continue Reading →

St Louis Area Home Sales Trend Slows Slightly After Setting Record in June

By , on August 19th, 2021

There has been talk of “the market slowing down” and while there hasn’t been a lot of data to support that, we did see the sales trend slow slightly in July. As the home sales trend chart below shows, exclusively available from MORE, REALTORS®, the home sales trend for the 12-month period ending has increased every month of this year over the prior month through June. For the 12-month period ending in June, there were 30,055 homes sold marking the highest record since we’ve been tracking the data, however, for the 12-month period ending in July home sales decreased slightly Continue Reading →

Sold Price To Listing Price Gap Narrows In July After Setting New Record in June

By , on August 10th, 2021

In June of this year the Median price of homes sold in the St Louis 5-County core market was $266,000, 6.4% higher than the median list price of $250,000 for those homes sold. This breaks the record of 4.4% set in April and is the highest gap we’ve seen between the median sold price and listing price since we’ve been tracking it, In July the gap narrowed though, albeit slightly, with the median price of homes sold coming in at $265,000, 6.0% higher than the median list price of $250,000. Worth noting as well is between June and July, the Continue Reading →

St Louis Listing Supply Increases 50 Percent in July from June…still low

By , on July 30th, 2021

For the past couple of years now you’ve heard how low the inventory of homes for sale is, and, if you are a buyer, you have no doubt experienced some grief or hardship in buying a home as a result. However, this may be changing. As the table below shows, there are currently 3,565 active listings in the St Louis 5-county core market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which based upon the rate of home sales, works out to a supply of 1.41 months. This is a 50% increase from the Continue Reading →

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