St Louis Real Estate News - Page 21 of 108 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

St. Louis 2024 Housing Market: First Quarter Update

By Dennis Norman, on March 29th, 2024

As we close the first quarter of 2024, it’s an opportune moment to revisit the forecasts I made at the end of last year regarding the St. Louis real estate market. With the data from January through March now available, we can assess the accuracy of the initial predictions and adjust our outlook for the remainder of the year.

Scorecard on December Predictions:

2024 Home Sales Forecast: I projected a slight decrease in the annual sales volume to about 22,400 homes. The data from the first quarter shows a varied trend with the 12-month home sales at the end of Continue Reading →

Court Battle Pits Consumer Savings Against DOJ Objections

By Dennis Norman, on March 29th, 2024

The Council of Multiple Listing Services (CMLS), representing over 200 Multiple Listing Services nationwide, has filed a brief supporting the settlement reached between the parties in the lawsuit against MLS Property Information Network (MLS PIN). While this is not the settlement announced last week by the National Association of REALTORS® (NAR), it involves one of the several lawsuits tied to the NAR settlement.

CMLS filed their brief in response to the one filed by the Department of Justice (DOJ) in February, which opposed the MLS PIN settlement, arguing that it did not go far enough to change Continue Reading →

NAR and MBA Seek Assurance from Fannie Mae and HUD on Commission Practices to Protect Homebuyers

By Dennis Norman, on March 29th, 2024

One of the issues receiving significant attention following the announcement of the REALTOR® commission suit settlement is the topic of buyer commissions, specifically regarding whether a buyer has to pay them and how lenders will treat the commissions.

In a recent letter to the Federal Housing Finance Agency (FHFA), Federal Housing Administration (FHA), Fannie Mae, and Freddie Mac, NAR and MBA sought confirmation on the treatment of buyer agent commissions following a proposed settlement agreement in the Burnett et al and Moehrl et al cases.

What does this mean for homebuyers? Under the Continue Reading →

St. Louis Metro Real Estate Market: Interpreting the Current Trends

By Dennis Norman, on March 27th, 2024

The St. Louis Metro residential real estate market in 2024 is showcasing diverse trends, indicating an evolving landscape for buyers, sellers, and industry professionals. The latest data, detailed in the STL Market Report exclusively from MORE, REALTORS®, offers a snapshot of these dynamics.

Contrasting Sales Trends:

There’s a notable decrease in home sales volume by 16.11% in the past year, with figures declining from 38,173 to 32,022 homes sold.

Home Value Resilience:

Despite the lower sales volume, median sold prices in the metro area nudged upward by 2.44%, moving from $246,000 to $252,000 year-over-year.

Price Per Square Foot (PPSF) Analysis:

Continue Reading →

Important Alert for St. Louis Home Sellers: Are You Eligible for a Settlement Claim in the Recent NAR Antitrust Litigation?

By Dennis Norman, on March 26th, 2024

Previously, I wrote about the settlement reached by the National Association of Realtors (NAR) aiming to resolve litigation concerning alleged anticompetitive practices, potentially leading to financial compensation for certain home sellers in St. Louis and beyond. This litigation, which centers on claims of inflated commission rates, could see a transformative resolution pending court approval expected by summer. If approved by the court, this settlement, alongside those reached with other corporate defendants like RE/MAX, Keller Williams, Realogy, and Compass, would provide eligible home sellers a pathway to claim financial redress for the commissions paid during the specified periods. Search St Louis Continue Reading →

Real Estate Commissions: Beyond the Headlines and Hype – What You Need to Know Now

By John Donati, on March 24th, 2024

You’ve probably heard about these changes happening with real estate commissions, right? It’s been all over the news lately. You might have seen headlines like “Real estate commissions are being slashed!” or “Selling your house will now be less expensive!” Sounds pretty exciting, doesn’t it? And the media has a great track record, right? Let me tell you, there’s a lot more to it than meets the eye.

Even the most informed of us agents and brokers out here are scratching our heads because the lawsuit changed gears so quickly. Nobody really knows exactly how it’s all going to work Continue Reading →

NAR’s $418 Million Antitrust Settlement: Will It Face the Same DOJ Scrutiny as MLS PIN Deal?

By Dennis Norman, on March 20th, 2024

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

Last week, I wrote an article about the settlement reached by the National Association of REALTORS® in pending litigation concerning buyer agency compensation. This includes the “Sitzer” (now Burnett), “Moehrl,” and “MLS PIN” suits, among others. As mentioned, this is an early stage in the process; the settlement agreement, although agreed upon by the parties involved, has not yet been filed with the court. Given these are large class action lawsuits alleging antitrust violations, numerous hurdles must be overcome. These could necessitate changes to the settlement terms on the path to court approval—if the court approves it at all.

Hurdles Continue Reading →

Demystifying Aluminum Wiring for Homebuyers: Insights from Industry Expert Mike Ragan

By John Donati, on March 18th, 2024

In a recent informative video, Mike Ragan, a master electrician, and owner of R&M Electric in St. Charles MO, dispels several myths surrounding aluminum wiring, a subject that often causes apprehension among prospective homebuyers in the St. Louis area. With over 18 years of experience specializing in residential wiring and troubleshooting, Ragan brings a wealth of knowledge to the discussion. He offers crucial insights for anyone considering the purchase of a home equipped with aluminum wiring, providing a fresh perspective on what has traditionally been viewed as a potential dealbreaker. Continue Reading →

Could the REALTOR Settlement Bring More Transparency to St. Louis Real Estate?

By Dennis Norman, on March 16th, 2024

Yesterday, I reported on the groundbreaking settlement proposed by the National Association of Realtors (NAR) to resolve the ongoing litigation surrounding broker commissions. Today, I want to dive deeper into the specifics of this settlement agreement and what it means for homeowners and real estate professionals here in the St. Louis area.

Key Points of the NAR Settlement Agreement

Broad Coverage: The settlement class is expansive, including home sellers who listed properties on MLSs anywhere in the U.S. during specified date ranges and paid a commission to any brokerage. For the St. Louis region, sellers are covered if they sold Continue Reading →

NAR to Settle Nationwide Litigation on Broker Commissions, Introduces Industry-Wide Changes

By Dennis Norman, on March 15th, 2024

Kevin Sears, NAR President

This morning, Kevin Sears, President of the National Association of Realtors (NAR), unveiled a proposed settlement designed to bring to a close the contentious litigation surrounding broker commissions, a move that could significantly alter the landscape of the real estate industry. This development comes on the heels of the Sitzer-Burnett verdict, which cast the traditional practices of real estate professionals, particularly those concerning hiring and compensation methods, into the spotlight, sparking a series of lawsuits and raising questions about the future of the industry.

A Closer Look at the Proposed Settlement

The core aim Continue Reading →

Controversy Surrounds Cash for 40-Year Listing Rights Contracts in St. Louis Real Estate Market

By Dennis Norman, on March 15th, 2024

MV Realty Holdings, LLC, a Florida-based real estate company, has recently come under scrutiny for alleged wrongdoing and is currently facing bankruptcy proceedings. The company, which offers homeowners cash in exchange for exclusive rights to list their properties for sale for purportedly a period that lasts forty (40) years, has been accused of deceptive practices and unfair treatment of its clients, including homeowners in Missouri and the St. Louis area.

Here in Missouri, MV Realty has faced legal action from Missouri State Attorney General, Andrew Bailey who, earlier this year, filed suit against MV Realty “for its deceptive practices in Continue Reading →

St. Louis Metro Area Shrinks as Residents Flee Urban Core

By Dennis Norman, on March 14th, 2024

The St. Louis Metro Area saw a continued population decline according to the latest U.S. Census Bureau estimates, which show the region’s population decreasing from 2,820,285 in April 2020 to 2,796,999 as of July 2023. This represents a loss of 23,286 residents, or a 0.83% decrease over the three-year period. Looking at the one-year change, the St. Louis MSA population fell by 3,246, or 0.12%, from 2,800,245 in July 2022 to 2,796,999 in July 2023. Despite these decreases, St. Louis maintained its position as the 21st largest MSA nationally from 2020 to 2023.

Drilling down to the county level reveals Continue Reading →

Zip Codes in the St Louis Metro Area Where Homes Are Selling the Fastest

By Dennis Norman, on March 13th, 2024

The St. Louis Metropolitan Area continues to enjoy a fairly fast-paced sellers real estate market, with certain zip codes standing out for selling even faster than the current norm. According to the report below, available exclusively from MORE, REALTORS®, homes in the top 30 zip codes are selling at an impressive rate, with average days on market ranging from just 2 to 24 days. Leading the pack is zip code 63049 in Jefferson and St. Louis Counties, Missouri, where homes spend an average of only 2 days on the market. Close behind are zip codes in St. Clair County, Illinois Continue Reading →

City Commons: St. Louis’s Emerging Neighborhood Identity

By Dennis Norman, on March 13th, 2024

In downtown St. Louis, a significant transformation is taking place, not just in the physical landscape but in the very identity of a burgeoning neighborhood. An ambitious initiative led by a consortium of developers aims to rebrand a key area surrounding the new CityPark, home of the St. Louis City SC, as “City Commons.” This endeavor seeks to establish a distinct identity for the neighborhood, distinguishing it from the broader downtown area. CityPark, a $460 million stadium, along with over $1 billion in surrounding developments, serves as the catalyst for this rebranding effort. The objective is to create a Continue Reading →

The Risks of Split Closings in St. Louis: What Buyers and Sellers Need to Know

By Dennis Norman, on March 9th, 2024

In the St. Louis real estate market, ‘split closings’—where buyers and sellers close at different title companies—are a common practice. This is in contrast to most parts of the country, where a single title insurance company manages the closing for both parties. Although rare nationally, split closings have become a hallmark of the St. Louis real estate scene.

In a split closing, each title company plays a distinct role. The buyer’s title company is typically responsible for producing the title insurance commitment, ordering buyer-related items (like surveys), and coordinating with the new lender on figures and requirements. Conversely, Continue Reading →

St Louis New Home Constructions Begins 2024 Down From a Year Ago

By Dennis Norman, on March 7th, 2024

In the 12-month period ended January 31, 2024 the St. Louis area saw the issuance of 3,996 building permits for new single-family homes. This represents a decline of 3.64% compared to the previous 12-month period, which had 4,147 permits, according to the latest figures from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). This downward trend was noted across all counties with the exception of St. Charles County, with two counties reporting double-digit decreases.

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St Louis New Home Building Permits Continue Reading →

St. Louis MSA’s Population Dynamics Over 50 Years

By Dennis Norman, on March 4th, 2024

As the table and charts below illustrate, the St. Louis Metropolitatn Area (MSA) has undergone significant demographic shifts over the past 50 years, marked by a stark contrast between the population trends in the City of St. Louis and its surrounding counties.

St Louis MSA and Major Counties Population 1970-2022

The decline in the City of St. Louis’s population sharply contrasts with the growth in surrounding counties. During the same period that St. Charles County witnessed a 345% increase and the St. Louis MSA as a whole saw nearly a 60% rise, the City of St. Louis Continue Reading →

Smaller, Personalized Homes Dominate 2024 Trends: Insights from NAHB Study

By Dennis Norman, on February 29th, 2024

The dynamics of the new home market are shifting significantly as we advance into 2024, with a clear trend towards smaller, more personalized living spaces emerging nationwide. This evolution reflects a broader change in homeowner preferences and market conditions, according to the latest “What Home Buyers Really Want” study by the National Association of Home Builders (NAHB).

Recent data points to a decline in the average size of new homes, continuing a trend that began following a brief uptick in 2021. The average new home size has decreased to 2,411 square feet in 2023, marking the smallest average size in Continue Reading →

Newly Released Consumer Report Examines Buyer Agency Contracts Citing Unfair Provisions

By Dennis Norman, on February 28th, 2024

A report titled “Required Buyer Agency Contracts: Impacts On Home Buyers” was recently released by Stephen Brobeck, Senior Fellow with the Consumer Federation of America. In the introduction, Brobeck states, ‘This report will discuss several aspects of buyer agency contracts – important content, unfair provisions, format and timing, and recommended use by consumers.’ He suggests that state governments or the courts should prohibit certain unfair practices, such as allowing ‘buyer agents to arrange, with listing agents, additional compensation from sellers beyond what is negotiated with buyers,’ stating that such practices could ‘thwart any efforts to sufficiently separate buyer agent and Continue Reading →

Facing New Rules: NAR and DOJ Clash Over Buyer’s Agent Commission Policies – What It Means for You

By Dennis Norman, on February 26th, 2024

Kevin Sears,2024 NAR President

At a real estate conference in Boston on February 1, 2024, NAR President Kevin Sears addressed a pressing issue facing the National Association of Realtors (NAR) and its members. Sears candidly discussed the aftermath of a $5.4 billion verdict against NAR, drawing parallels to a sports scenario to highlight the disappointment of a loss despite believing in the righteousness of their policy and actions. He emphasized the importance of moving forward, focusing on the legal appeals process and the ongoing challenges with the Department of Justice (DOJ), which has been a persistent adversary for Continue Reading →

The Impact of Credit Scores on St. Louis Real Estate Decisions

By Dennis Norman, on February 21st, 2024

Whether you’re looking to buy or rent a home, your credit score is more than just a number—it’s a gateway to your future residence. A recent survey by LendingTree has shed light on the significant role credit scores play in Americans’ access to financial products, including those crucial for securing a home. Here’s a recap of the findings and their implications for the St. Louis real estate market.

Key Findings:

High Denial Rates: 42% of Americans reported their credit scores prevented them from obtaining a financial product in the past year, with this figure soaring to 74% among those with Continue Reading →

2024’s Top Paint Colors: Boost Your St. Louis Home’s Appeal

By Dennis Norman, on February 19th, 2024

In 2024, the focus for homeowners is clear: refreshing interiors with colors that offer both a sense of calm and a reflection of personal style. The 2024 Paint & Color Trends Report from FIXr reveals a shift towards warm, earthy tones and nature-inspired hues, designed to transform homes into serene havens. Greens, blues, bright yellows, and deep olives are set to dominate, promising spaces that not only stand out but also provide an escape from the daily grind. This year, it’s all about bringing the tranquility of the outdoors inside, with a nod to personal expression through bold color choices.

Continue Reading →

DOJ Suggests Ending Seller-Paid Buyer Agent Commissions

By Dennis Norman, on February 16th, 2024

Yesterday, the Department of Justice filed a Statement of Interest concerning the Nosalek v. MLS PIN case. In the class action lawsuit Nosalek v. MLS Property Information Network, Inc., plaintiffs allege that mandatory commission agreements for buyer-brokers on the MLS system are anticompetitive, leading to artificially inflated commission rates for sellers, in violation of antitrust laws. Previously, a settlement was reached by the parties in the lawsuit, but the DOJ intervened, asking the court to hear the views of the United States before deciding whether to approve the settlement. This statement of interest was what the DOJ asked the court Continue Reading →

St Louis Metro Area Real Estate Market Report for January 2024 with accurate data you can trust

By Dennis Norman, on February 14th, 2024

The St. Louis Metro Area Real Estate Market Report for January 2024, presented below, provides an overview of the St Louis real estate market for each county within the St Louis MSA. This infographic is a unique offering from MORE, REALTORS, which is renowned for its expertise in St. Louis real estate market intelligence. Additionally, our brokerage prides itself on having a team of the most experienced and knowledgeable agents who are deeply committed to serving our clients throughout the St. Louis metro area.

St Louis Metro Real Estate Report for January 2024

(click on infographic for complete report Continue Reading →

Consumer Confidence in Mortgage Rates Soars, Marking a Positive Shift in Housing Sentiment for 2024

By Dennis Norman, on February 9th, 2024

The latest release from Fannie Mae on the Home Purchase Sentiment Index® (HPSI) is particularly illuminating, showing a notable uptick in consumer optimism towards mortgage rates. For the first time since March 2022, the HPSI has climbed to 70.7, a 3.5-point increase driven largely by heightened confidence in job security and an unprecedented share of consumers expecting mortgage rates to dip in the coming year. This optimism isn’t just numbers on a page; it’s a palpable shift in the air, with 82% of respondents now feeling secure in their employment prospects, and an all-time survey high of 36% predicting lower Continue Reading →

St. Louis Housing Affordability Increases Slightly In Last Quarter of 2023

By Dennis Norman, on February 8th, 2024

The latest figures from the NAHB/Wells Fargo Housing Opportunity Index reveal that 70.8% of people in the St. Louis MSA, with a median income of $101,200, could afford to buy a median-priced home. This percentage has seen a slight increase from the 3rd quarter of 2023, when it was 69.3%. As demonstrated in the chart below, this positions St. Louis as the 31st most affordable metro area for home purchases, out of the 242 that were ranked.

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St Louis MSA Housing Affordability & National Rank (2014-2023)

Continue Reading →

Despite High Demand and Low Inventory, St. Louis New Home Permits Hit Nine-Year Low in 2023

By Dennis Norman, on February 8th, 2024

In 2023, the St. Louis area saw the issuance of 3,891 building permits for new single-family homes. This represents a decline of 10.78% compared to the previous year, which had 4,361 permits, according to the latest figures from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). This downward trend was noted across all counties with the exception of St. Charles County, where five counties reported double-digit decreases. Additionally, Warren County, which had been on a four-month streak of increased permit activity, experienced a slight drop this month. The total of 3,891 permits in 2023 is Continue Reading →

St. Louis Residential Rental Vacancies for 2023 Hit Highest Level in Four Years

By Dennis Norman, on February 2nd, 2024

The latest residential vacancy rate data from the U.S. Census Bureau for the St. Louis Metropolitan Statistical Area (MSA) shows that the rental vacancy rate for 2023 was an average of 7.73% and increase of over a percentage point from the previous year. As the chart below illustrates, the average St Louis rental vacancy rate for 2023 was the highest in four years.

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St Louis MSA Rental Vacancy Rate 2015-2023

Continue Reading →

Home Ownership Rate in St. Louis Metro Area Fell to Lowest Level in Four Years in 2023

By Dennis Norman, on January 31st, 2024

The latest home ownership data from the U.S. Census Bureau for the St. Louis Metropolitan Statistical Area (MSA) reveals that the ownership rate in the 4th quarter of last year was 69.5%, a decline of over 2 full percentage points from the same quarter in the previous year. The Census Bureau reports home ownership rates on a quarterly basis, and the average rate for 2023 in the St. Louis metro area was 69.5%. This marks the lowest average homeownership rate for St. Louis since 2019, when it was 68.1%. The homeownership rate reached a recent peak in St. Louis in Continue Reading →

St Louis Metro Area Home Sales Fall to Lowest Level in 9 Years

By Dennis Norman, on January 24th, 2024

As 2023 drew to a close, the St. Louis metro real estate market concluded the year with a total of 31,747 homes sold. As highlighted in the chart below, this figure represents the lowest annual home sales in the St. Louis MSA in nine years, since 2014, when the total was 31,531 homes sold.

Home prices in the St. Louis MSA have shown more resilience than sales volumes. As 2023 came to a close, the 12-month median home price per foot stood at $169, marking a 5% increase from the previous year. This trend provides a stark contrast to the Continue Reading →