St Louis Real Estate News - Page 19 of 110 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

Rising Homebuyer Ages and New Market Trends: NAR’s 2024 Profile

By Dennis Norman, on November 5th, 2024

The National Association of REALTORS® (NAR) 2024 Profile of Home Buyers and Sellers provides a comprehensive look at trends shaping the real estate market this year. From changing demographics to buyer challenges, this report highlights critical shifts in homebuying and selling behaviors. The full report is available below for readers who wish to explore it in detail.

One of the most notable trends is the rising age of both first-time and repeat homebuyers:

First-time buyers now have a median age of 38, marking a significant shift from the late-20s median seen in the 1980s. This increase reflects the growing challenges Continue Reading →

The First-Time Homebuyer Dilemma: Why Builders Aren’t Meeting Demand for Smaller Homes

By John Donati, on October 31st, 2024

New Construction Red Tape and Regulation

Let’s get into why builders aren’t producing the smaller, affordable homes that so many first-time buyers are seeking. It boils down to a mix of profit margins, rising costs, regulatory roadblocks, challenges from local architectural review boards, and the need for more efficient construction methods.

First off, for builders, the bottom line is key, and smaller homes simply don’t bring in the same returns as larger projects. The costs of materials, labor, and especially land have been climbing steadily, making smaller homes harder to build profitably. Land in decent locations can be incredibly pricey, sometimes feeling as valuable as gold Continue Reading →

More Confusion, Less Transparency: Law Professor Objects to NAR Settlement

By Dennis Norman, on October 30th, 2024

Legal Counsel Behind Billion-Dollar Verdict Vows to Enforce NAR Settlement Strictly

Tanya Monestier, a tenured law professor at the University at Buffalo School of Law and former professor at Roger Williams University School of Law, has stepped into the Sitzer v. NAR lawsuit with a compelling and meticulously researched objection to the proposed settlement. Monestier, whose academic work on contract law and consumer protection has been cited by courts across North America—including the United States Court of Appeals and the Supreme Court of Canada—brings a formidable legal background to her critique. Her objection portrays the settlement as a superficial, paper-only solution that leaves consumers vulnerable to the same anti-competitive practices it Continue Reading →

On-Time Rental Payments Drop To Lowest Level Since 2021

By Dennis Norman, on October 25th, 2024

The on-time payment rate for single-family rentals dropped to 85.3% in August 2024, marking its lowest point since September 2021, according to the chart below from Chandan Economics. This decline reflects a potential shift in tenants’ financial situations, as the rate had generally been stable over the past two years. Landlords, especially independent operators, may now face increased challenges maintaining cash flow as timely rental payments become less consistent.

The chart below highlights the historical fluctuations in rental payment punctuality, showing that single-family rental payments were on a recovery trend from earlier dips in 2020 and 2021. However, the latest Continue Reading →

Homeowners: Take Advantage of the Zonolite Trust Fund for Vermiculite Removal

By Michael Abernathy, on October 24th, 2024

Vermiculite Insulation - Zonolite Asbestos Claim

If your home contains Zonolite attic insulation (ZAI), which is known to include vermiculite contaminated with asbestos, you may be eligible for reimbursement through the Zonolite Trust Fund. This fund, created as part of the bankruptcy proceedings of W.R. Grace & Co., helps homeowners offset the cost of removing hazardous insulation. Below, we outline how you can file a claim and access the resources needed to ensure a smooth reimbursement process.

How to File a Claim

To receive reimbursement, you’ll need to provide documentation proving that vermiculite-based ZAI was present and has been removed from your home. Accepted evidence includes Continue Reading →

St Louis City Update as of October 2024: Home Prices Continue to Rise

By Dennis Norman, on October 21st, 2024

The real estate market in St Louis City has been on the rise, with home prices increasing steadily over the past year. According to the latest data from MORE, REALTORS®, the median sold price for homes in the St Louis City update during September 2024 was $222500, a 0.91% increase from the same time last year when the median sold price was $220500. However, there was a slight decrease of 2.20% compared to the previous month’s median sold price of $227500.

The median list price for homes in the St Louis City update also saw an increase of 2.38% from Continue Reading →

St. Louis County Real Estate Market Update: September 2024

By Dennis Norman, on October 19th, 2024

As of September 2024, the St. Louis County real estate market continues to show strong performance. According to the latest data from MORE, REALTORS®, the median sold price for homes in the county was $285,000, representing a 3.07% increase from September 2023. However, this is a slight decrease of 1.59% from August 2024 when the median sold price was $289,616.

The median list price for homes in St. Louis County also saw an increase, reaching $283,450 in September 2024, a 5.02% jump from the same time last year. Despite these increases, there were 944 home sales in September 2024, a Continue Reading →

DOJ, CFPB Secure $8 Million Settlement with Fairway Mortgage Over Lending Discrimination

By Dennis Norman, on October 17th, 2024

Consumer Finance Protection Bureau (CFPB)

On October 15, 2024, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) announced a settlement with Fairway Independent Mortgage Corporation following allegations of discriminatory lending practices, or redlining, in predominantly Black neighborhoods in Birmingham, Alabama. As part of the resolution, Fairway agreed to pay $8 million in relief and a $1.9 million civil penalty to address claims that it avoided providing credit services in these communities due to residents’ race and national origin.

The settlement contributes to the DOJ’s broader efforts through the Combating Redlining Initiative, which has secured over $150 million in relief since its Continue Reading →

Discover the Hottest Zip Codes in St. Louis: Where Homes are Flying Off the Market

By Dennis Norman, on October 16th, 2024

Are you in the market for a new home in the St. Louis metropolitan area? Look no further than the fastest selling zip codes in the region. According to recent data, the top three zip codes with the shortest average days on market are 63043, 63044, and 63117. With homes selling in just 8, 25, and 26 days respectively, these zip codes are in high demand for potential home buyers.

In 63043, the average list price for active listings is $249,311, making it an attractive option for families looking for affordable yet fast-selling homes. The second fastest selling district, 63044, Continue Reading →

St. Louis Real Estate: Inflation and Delinquency Trends Impacting Buyers and Sellers

By Dennis Norman, on October 15th, 2024

The latest report from the Federal Reserve Bank of New York highlights some key shifts in consumer expectations that could impact the St. Louis real estate market. While inflation expectations remain stable at 3.0% for the next year, medium- and long-term expectations have ticked up slightly. This suggests that buyers and sellers in St. Louis may face rising costs in the coming years, particularly as home price growth expectations hover around 3.0%, showing little movement. The labor market offers some reassurance, with more people feeling confident about finding a job if they lose one, but the rising likelihood of missed Continue Reading →

Jefferson County Real Estate Market Update for September 2024

By Dennis Norman, on October 15th, 2024

The real estate market in Jefferson County has continued to show strength and growth, according to the latest data available from MORE, REALTORS®. In September 2024, the median sold price for homes in the Jefferson County area was $274,900, a 7.80% increase from the same time last year when the median sold price was $255,000. This also marks a 1.81% increase from August 2024, when the median sold price was $270,000.

The median list price for homes in Jefferson County also saw an increase, rising to $269,900 in September 2024, an 8.00% jump from $249,900 in September 2023. However, there Continue Reading →

Discover the Fastest Selling School Districts in the St. Louis Metro Area

By Dennis Norman, on October 14th, 2024

Are you in the market for a new home in the St. Louis metropolitan area? Look no further than these top three fastest selling school districts! According to recent data, MULBERRY GROVE DIST 1 in Illinois takes the top spot with an average of only 1 day on the market for its 2 active listings, with an average list price of $197,500. Coming in at a close second is Shiloh Village DIST 85, also in Illinois, with 6 listings and an average of 11 days on the market. And in third place is Sunrise R-IX in Unincorporated, Missouri, with 4 Continue Reading →

NAR’s Clear Cooperation Policy: Protecting Consumers or Preventing Agents from Doing Their Job?

By Dennis Norman, on October 10th, 2024

NAR Clear Cooperation Policy - A Shield for Consumers or a Guard for the Real Estate Status Quo?

For the past few years, the National Association of Realtors’ (NAR) Clear Cooperation Policy has been a focal point of contention, sparking debate across the real estate industry. The rule, which mandates that any property being marketed to the public must be listed on the MLS within one business day, was introduced with the intention of promoting transparency and ensuring equal access to listings for agents and buyers alike. However, the policy has faced consistent opposition from various quarters, with critics arguing that it hampers the ability of agents to serve their clients’ best interests and limits consumer choice.

As Continue Reading →

St. Louis Building Permits Dip Slightly, but Lincoln County sees Over 100% Growth again this month!

By Dennis Norman, on October 9th, 2024

St Louis MSA Building Permits for New Homes Data for November 2024 compared with year ago

During the 12-month period ending August 31, 2024, a total of 3,865 building permits were issued for new single-family homes in the St. Louis area. This marks a 3.38% decrease from the previous 12 months, which recorded 4,000 permits. 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 experienced a decline in permits. Lincoln County continues to show great growth in new construction with an increase of a whopping 109%. Conversely, the City of St Louis continues to show the largest Continue Reading →

Metro East Update Real Estate Market Sees Continued Growth in September 2024

By Dennis Norman, on October 9th, 2024

The real estate market in the metro east area of St. Louis, MO continues to show strong growth, according to data from MORE, REALTORS®. In September 2024, the median sold price for homes in the metro east update was $202,500, representing a 9.46% increase from the same time last year when the median sold price was $185,000. This also marks a 1.30% increase from August 2024, when the median sold price was $199,900.

The median list price in September 2024 was $204,450, a 12.03% increase from September 2023 when it was $182,500. Despite a slight decrease in the number of Continue Reading →

St Charles County Update: September 2024 Real Estate Market

By Dennis Norman, on October 8th, 2024

The real estate market in St Charles County saw a slight increase in median sold price during September 2024. According to the latest data from MORE, REALTORS®, homes in the st charles county update sold for a median price of $365000, which is 1.53% higher compared to September 2023 when the median sold price was $359500.

This also marks a 0.00% increase from August 2024, when the median sold price was $365000. The median list price in September 2024 was $365000, showing a 2.47% increase from $356200 in September 2023. These numbers indicate a steady and strong market in St Continue Reading →

stl msa update: September 2024 Real Estate Market Update

By Dennis Norman, on October 7th, 2024

The real estate market in the stl msa update continues to show strong growth as we head into the fall season. According to the latest data from MORE, REALTORS®, the median sold price for homes in the stl msa update was $270,000 in September 2024, a 4.85% increase from the same time last year when the median sold price was $257,500.

While there was a slight decrease of 1.82% in median sold price from August 2024, when it was $275,000, this is still a positive sign for the market. The median list price also saw an increase of 7.60% from Continue Reading →

Franklin County Update: September 2024 Real Estate Market Update

By Dennis Norman, on October 7th, 2024

The real estate market in Franklin County, as of September 2024, continues to show steady growth. According to the latest data from MORE, REALTORS®, the median sold price for homes in the county was $248000, a slight increase of 0.22% from September 2023 when the median sold price was $247450. This also marks a 1.22% increase from the previous month of August 2024, when the median sold price was $245000.

The median list price for homes in Franklin County was $247450, a decrease of 0.98% from September 2023. However, despite this decrease, there were still 78 home sales in the Continue Reading →

Charter Update Seeks to Eliminate $500 Fine Cap, Allowing Unlimited Penalties for Property Violations (Proposition V)

By Dennis Norman, on October 4th, 2024

St. Louis voters will have the opportunity to vote on Proposition V this November, a charter update designed to give the city stronger tools to hold negligent property owners accountable. Currently, fines for ordinance violations related to vacant and non-owner-occupied deteriorated properties are capped at $500—a limit that has remained unchanged since the 1970s. Proposition V, introduced by Alderwoman Daniela Velazquez, aims to remove this outdated cap and empower the city to set fines that can be adjusted based on the severity of the violations.

The proposed bill, Board Bill Number 72, states that the cap has become ineffective over Continue Reading →

NAR’s Clear Cooperation Policy – Protecting Homeowners or Hampering Their Options?

By Dennis Norman, on September 27th, 2024

The National Association of Realtors’ (NAR) Clear Cooperation Policy has been a contentious topic since its inception in 2019. The rule, which mandates that listings must be added to the MLS within one day of being publicly marketed, aims to provide transparency and equal access to all agents and homebuyers. However, as highlighted in anInman News article today, the policy is now facing strong opposition from major real estate firms like Compass and Anywhere Real Estate, both of which are calling for changes that would provide more flexibility to sellers.

This isn’t the first time the Clear Cooperation Policy has Continue Reading →

The Future of Real Estate Commissions: Transparency and Negotiation Take Center Stage

By Dennis Norman, on September 24th, 2024

St Louis Buyers Agent Commission - Real Estate Commission

There was an opinion piece published today on Inman News by Eric Bramlett that suggests that fears of a widespread shift in commission payments from sellers to buyers are overblown. Bramlett argues, “Sellers are primarily concerned with the net proceeds they’ll receive and the overall terms of the contract.” While I agree that many sellers will still “pay” the buyer’s agent commission, I don’t believe the traditional commission structure will endure. In fact, the St. Louis Association of REALTORS® is in the process of updating the forms that most of the St Louis area REALTORS®, including listing agreement. In this Continue Reading →

The Lingering Impact of the Manhattan Project on North County

By Dennis Norman, on September 19th, 2024

Army Corp of Engineers Manhattan Project Sign

St. Louis’ connection to the Manhattan Project might be a footnote in history books, but for residents of North County, its legacy is still felt today. Decades after uranium processing for the first atomic bombs took place at Mallinckrodt Chemical Works in downtown St. Louis, the environmental and health effects continue to affect North County communities.

The Manhattan Project’s Reach in St. Louis County

During World War II, Mallinckrodt processed uranium for the development of atomic bombs, storing the radioactive waste near the St. Louis Airport and along Latty Avenue. Unfortunately, the waste wasn’t properly contained, which led to contamination Continue Reading →

Fed Cuts Rates Amid Slowing Job Gains and Inflation Concerns

By Dennis Norman, on September 18th, 2024

The Federal Reserve made an important announcement today that could have a ripple effect on the real estate market in St. Louis and beyond. In their latest meeting, the Federal Open Market Committee (FOMC) decided to lower the federal funds rate by half a percentage point, bringing the target range down to 4.75% to 5%. This move comes as the Fed notes continued solid economic activity but acknowledges that job gains have slowed, and inflation, while improving, still remains above their 2% target.

For homebuyers and real estate investors, this rate cut could lead to a slight reduction in borrowing Continue Reading →

St Louis Home Sales Drop to Lowest YTD Level Since 2012

By Dennis Norman, on September 17th, 2024

As of August 2024, year-to-date (YTD) home sales in St. Louis have reached 20,885, marking the lowest YTD level since August 2012, when sales were at 19,181. This represents a significant decline compared to more recent years, reflecting a slowdown in the real estate market. Various factors, including rising interest rates and affordability challenges, have contributed to this dip, and it’s clear that buyers are feeling the pressure.

This decline is even more striking when compared to the peak years, such as 2021, where YTD sales in August reached over 27,900. This downward trend indicates that we may be entering Continue Reading →

Discover the Hottest Zip Codes in St. Louis: Where Homes Are Flying Off the Market!

By Dennis Norman, on September 15th, 2024

Are you looking to buy or sell a home in the St. Louis metropolitan area? If so, you’ll want to pay attention to the fastest selling zip codes in the region. According to recent data, the top three zip codes for quick home sales are 63043, 63126, and 63040. These areas are seeing homes fly off the market in an average of just 21-24 days, making them hot spots for both buyers and sellers.

In 63043, the fastest selling zip code, there are currently 9 active listings with an average list price of $268,656. The second and third fastest selling Continue Reading →

Discover the Hottest School Districts in the St. Louis Metro Area

By Dennis Norman, on September 12th, 2024

Attention all home buyers and sellers in the St. Louis metropolitan area! Are you looking to make a move and want to know which school districts are the hottest on the market? Look no further, because we have the data for you.

According to recent statistics, the top three fastest selling school districts in the St. Louis metro area are Franklin Co. R-II in None, MO, Lonedell R-XIV in None, MO, and East Alton-Wood River DIST 14 in , IL. These districts have an average of only 13 days on the market, making them highly desirable for families looking Continue Reading →

Mortgage Rates Plunge to 18-Month Low, Falling to 6.22% Ahead of FOMC Meeting

By Dennis Norman, on September 11th, 2024

The interest rate on a 30-year fixed-rate conventional mortgage fell to 6.22% yesterday, according to the MND rate index as shown in the chart below. This marks the lowest rate in nearly a year and a half! The last time rates were this low was back on April 6, 2023 when they dropped to 6.18% for the day. This drop in rates comes in advance of the anticipated rate reduction when the Federal Open Market Committee (FOMC) meetings next week.

See Current (and historical) Mortgage Rates Get a REAL Pre-Approval Now

Mortgage Interest Rates – 30-Year Fixed Rate Continue Reading →

St. Louis Building Permits Dip Slightly, but Lincoln County Booms with Over 100% Growth!

By Dennis Norman, on September 11th, 2024

During the 12-month period ending July 31, 2024, a total of 3,877 building permits were issued for new single-family homes in the St. Louis area. This marks a 2.93% decrease from the previous 12 months, which recorded 3,994 permits. 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 experienced a decline in permits. Lincoln County continues to show great growth in new construction with an increase of a whopping 103.39%. Conversely, the City continues to show the largest decline in new Continue Reading →

Metro East Update: August 2024 Real Estate Market Data Revealed

By Dennis Norman, on September 9th, 2024

The latest real estate market data for the Metro East area has just been released, and it shows promising trends for homeowners and potential buyers alike. According to the chart below, exclusively available from MORE, REALTORS®, the median sold price for homes in the metro east update during August 2024 was $200000, marking an impressive 8.11% increase from the same time last year when the median sold price was $185000.

However, compared to July 2024, there was a slight decrease of 2.44% in the median sold price, dropping from $205000 to $200000. Despite this decrease, the overall trend of increasing Continue Reading →

St Charles County Real Estate Market Update: August 2024

By Dennis Norman, on September 8th, 2024

As of August 2024, the St Charles County real estate market saw a slight decrease in median sold price compared to the same time last year. According to data exclusively available from MORE, REALTORS®, homes in the St Charles County update sold for a median price of $363,500, a 0.41% decrease from August 2023. This also represents a 2.94% decrease from July 2024, when the median sold price was $374,500.

However, the median list price for homes in St Charles County showed an increase of 1.36% from $360,000 in August 2023 to $364,900 in August 2024. This indicates that sellers Continue Reading →