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

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 on the other hand increased last week to 851 from 618 the week before.  The new listing activity is pretty much in line with the same week a year ago when there were 858 new listings.  If this trend continues the listing supply will likely increase significantly.  Given that the for the 5-county core market its been under 1 month for a long time, it can afford to increase some.

The current week will be very telling.  When we see data next week from this week, if the numbers are similar to what we saw last week, it’s a likely indicator of a market shift to some extent.  Time will tell..

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