Report Ranks St Louis Housing Market As 7th Worst Of Major Metros

St Louis Housing MarketThe St Louis Housing Market was delivered a blow by a Clear Capital report just released ranking the performance of the housing market in St Louis as the 7th worst of the major metro areas in the U.S.  According to the report, St Louis home prices dropped 0.3 percent in the past quarter and declined 1.0 percent from a year ago, that, coupled with the fact that REO’s (foreclosed property owned by banks) makes up 1/3 of the St Louis market, put us at 7th on the “bad” list.  At the top of the “good” list was Las Vegas with a 24.3 percent increase in home prices in the past year.

Other Report Highlights include:

  • National yearly gains notched up to 7.2%, a stark contrast to the -1.40% declines a year ago.
  • Quarterly prices for nation and region continue to stabilize at close of April 2013, a good position for the start of the spring buying season. In fact, quarterly rates of growth around 1% demonstrate the market is on track to hit annual forecasted gains. 4% national growth is in line with average historical rates of growth.
  • Regionally, markets continue to correct at a rate commensurate with their stages in the housing recovery.
    • Las Vegas saw impressive trends in April, with yearly growth accelerating to 24.3%, second to only Phoenix. Las Vegas is representative of a First In, First Out (FIFO) recovering market.
    • Phoenix, another FIFO market, saw a slight pull back in yearly gains to 25.8%, a signal to the start of more normal rates of growth.
    • Lowest performing markets, Birmingham, Detroit and Cleveland, struggle with low price points and short-term trend volatility. Their median price-per-square-foot (PPSF) is under $70, $40 lower than the national median PPSF average.
Highest Performing Major Metro Markets
Qtr/Qtr
Rank
Metropolitan Statistical Area Qtr/Qtr
% +/-
Yr/Yr REO Saturation
1 Las Vegas, NV – Paradise, NV 4.2% 24.3% 27.7%
2 Sacramento, CA – Arden, CA – Roseville, CA 3.7% 20.3% 20.0%
3 Phoenix, AZ – Mesa, AZ – Scottsdale, AZ 3.1% 25.8% 16.2%
4 Atlanta, GA – Sandy Springs, GA – Marietta, GA 3.1% 19.2% 33.1%
5 San Jose, CA – Sunnyvale, CA – Santa Clara, CA 2.9% 22.5% 8.7%
6 Chicago, IL – Naperville, IL – Joliet, IL 2.9% 9.4% 32.5%
7 San Francisco, CA – Oakland, CA – Fremont, CA 2.7% 20.2% 15.7%
8 Miami, FL – Ft. Lauderdale, FL – Miami Beach, FL 2.6% 16.9% 24.6%
9 Riverside, CA – San Bernardino, CA – Ontario, CA 2.5% 14.7% 24.2%
10 Los Angeles, CA – Long Beach, CA – Santa Ana, CA 2.5% 14.9% 16.4%
11 San Diego, CA – Carlsbad, CA – San Marcos, CA 2.5% 14.3% 16.0%
12 Orlando, FL 2.4% 12.6% 24.0%
13 Oxnard, CA – Thousand Oaks, CA – Ventura, CA 2.4% 11.7% 16.1%
14 Seattle, WA – Tacoma, WA – Bellevue, WA 2.3% 19.4% 13.4%
15 Bakersfield, CA 2.1% 14.7% 27.5%

 

Lowest Performing Major Metro Markets
Qtr/Qtr
Rank
Metropolitan Statistical Area Qtr/Qtr
% +/-
Yr/Yr REO Saturation
1 Birmingham, AL – Hoover, AL -3.0% 5.3% 27.0%
2 Detroit, MI – Warren, MI – Livonia, MI -2.5% 6.7% 48.6%
3 Cleveland, OH – Elyria, OH – Mentor, OH -2.1% -2.1% 39.5%
4 Milwaukee, WI – Waukesha, WI – West Allis, WI -1.5% 5.7% 20.5%
5 Charlotte, NC – Gastonia, NC – Concord, NC -0.5% -3.4% 28.8%
6 Nashville, TN – Davidson, TN – Murfreesboro, TN -0.5% 2.1% 21.3%
7 St. Louis, MO -0.3% -1.0% 33.0%
8 Raleigh, NC – Cary, NC 0.0% 3.5% 15.9%
9 Cincinnati, OH – Middletown, OH 0.2% 2.2% 26.7%
10 Rochester, NY 0.2% 1.8% 2.9%
11 Dallas, TX – Fort Worth, TX – Arlington, TX 0.3% 1.9% 22.2%
12 Dayton, OH 0.3% 3.0% 31.6%
13 New Orleans, LA – Metairie, LA – Kenner, LA 0.3% 2.9% 17.2%
14 Philadelphia, PA – Camden, NJ – Wilmington, DE 0.3% 0.6% 8.5%
15 Hartford, CT – West Hartford, CT – East Hartford, CT 0.4% 1.6% 7.9%

Source: Clear Capital – May 2013 Market Report

Don’t miss these posts!

We don’t spam! Read our privacy policy for more info.

🤞 Don’t miss info like this!

We don’t spam! Read more in our Privacy Policy

Leave a Reply