St Louis Real Estate News - Page 55 of 109 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

St Louis Home Prices and Sales Market Update VIDEO-July 2015

By Dennis Norman, on July 21st, 2015

The St Louis real estate market, like the weather, is HOT! Many of our listings are selling the first day and then for full price or above! Naturally though, this is not true for all areas of St Louis nor all prices ranges. Find where the hot seller’s markets, as well as cold buyer’s markets are in St Louis in our newly released, 5-minute, market video update for July 2015, below.

If you have considered selling your home, or perhaps tried and failed in the past year or so, now is the time to consider it again. Give us a Continue Reading →

St Louis Rental Vacancies Increase In First Quarter – Still 3rd Lowest Level In 6 Years

By Dennis Norman, on July 16th, 2015

St Louis Rental Vacancies remain at historically low levels in spite of a slight increase in the first quarter of this year to 8.6% from 8.5% in the 4th quarter of 2014. The St Louis vacancy rate for first quarter of 2015 was also up significantly from the first quarter of 2014 when the vacancy rate for St Louis stood at just 7.2% although we have to remember that was the lowest vacancy rate we had seen in over 10 years. Continue Reading →

St Louis Foreclosures Increase In First Half Of 2015

By Dennis Norman, on July 16th, 2015

St Louis Foreclosures during the first half of 2015 increased in the St Louis metro area 26.52 percent from the second half of 2014 and 25.18 percent from the same period last year, according to a report released today by RealtyTrac. According to the report, there were 5,468 foreclosure filings in the St Louis metro area during the first half of 2015 which equates to 1 in every 224 housing units in the metro area.

As the table below shows, with the exception of St Charles County, all of the counties making up the St Louis core market saw an Continue Reading →

Only About One Third Of Low Income Missourians In Need Receive Federal Rent Assistance

By Dennis Norman, on July 15th, 2015

Within the last few days, STL Today published an article titled “The affordability crisis in the St Louis rental market”, based upon a study recently released by the Urban Institute, revealing that “there is literally no affordable, non-subsidized housing available to St. Louis low-income families.” Continue Reading →

Are St Louis Home Prices Too High?

By Dennis Norman, on July 10th, 2015

The St Louis real estate market continues to be hot with many sellers benefiting from the low inventory of homes for sale resulting in buyers flocking to new listings and, when the homes are priced right, multiple offers being received in the first day. Happened for one of my clients again this week…took the listing live on Tuesday at noon, had over 8 buyers through that afternoon and evening and multiple offers in hand by the next morning, all above listing price. Granted, there were a couple of weeks of pre-listing marketing we did to generate interest, and the seller worked hard to make sure the home was in show condition, but still, it sold quick! Continue Reading →

St Louis Area Home Prices Have Surpassed 2006 Peak Prices

By Dennis Norman, on July 7th, 2015

The median price of homes sold in St Louis (the 5-county core market) this year thus far has been $169,000, an increase of 5.7 percent from when the market peaked in 2006 at $159,900. While the peak of the housing bubble is considered to be 2006, as the chart below shows, St Louis home prices actually peaked in 2007 at $162,000 but, in either event, St Louis home prices have not only regained what was lost when the housing bubble burst, but then some. Continue Reading →

Insurance Claim Recommendations For Missourian’s With Storm Damage

By Dennis Norman, on July 2nd, 2015

The Missouri Department of Insurance issued some recommendations to Missourian’s that sustained property damage as a result of recent storms with regard to how to deal with the damage and handle insurance claims. Continue Reading →

Bank and Government Owned Home Sales Down But Selling For Record Percentage of List Price

By Dennis Norman, on July 2nd, 2015

St Louis bank and government owned home sales are down as banks and government enterprises such as Fannie Mae, FHA, VA and Freddie Mac whittle down their inventory of foreclosed homes while, at the same time, new mortgage delinquencies and foreclosure rates continue to decline. While this is Continue Reading →

St Louis Pending Home Sales At Highest Level In Years

By Dennis Norman, on June 30th, 2015

St Louis pending home sales in May hit the highest level we have seen in years with 2,558 pending homes sales during the month in the 5-county core market*, an increase of 8.9% from May 2014 when there were 2,348 pending home sales. Year to date this year, through the end of May, there have been 12,595 pending home sales, an increase of 7.8% from the same time last year. Continue Reading →

St Louis Area Homes Are Affordable-Down payment Assistance Can Make Even More So

By Dennis Norman, on June 26th, 2015

St Louis area homes are already affordable based upon the relationship between the median home price and median income for the area, but can become even more affordable when home buyers take advantage of down payment assistance programs that are available throughout the area. Continue Reading →

How To Buy A Home In A Hot Market Like This One

By Dennis Norman, on June 25th, 2015

It wasn’t that long ago that sellers were practically begging buyers to purchase their home but that is not the case today. Today, in some very sought after St Louis neighborhoods the inventory of homes is so low and demand so high that when a new listing hits the market it’s like a feeding frenzy for buyers. This has led to frustration and disappointment for many buyers leading some to become a little too overanxious and buy a home that really is not right for them or overpay for one out of fear of “missing out”. Continue Reading →

St Louis Home Sales Are Up But Amount of Increase Varies Widely By Area

By Dennis Norman, on June 24th, 2015

Further proof of just how “local” real estate is and how important it is for home buyers and sellers to have accurate, targeted, local data is the fact that today the St Louis Business Journal reported “home sales increased 17.9 percent year to date in the St. Louis metropolitan area, more than twice the national rate of 8.4 percent” which would if you are looking to buy a home, say in the City of St Louis, may influence your decision thinking it’s a hot selling area. Continue Reading →

Just How Fast Are Homes Selling In St Louis?

By Dennis Norman, on June 23rd, 2015

We have been in the midst of a pretty crazy real estate market lately in St Louis with new listings in many areas and price ranges being subjected to a “feeding frenzy” by buyers. It is not uncommon at all today to have two or three showings taking place on a new listing at the same time with the total of first day showings easily getting into double digits and a signed contract before the end of the 2nd day on the market. Continue Reading →

Where In St Louis Are Homes Selling The Quickest?

By Dennis Norman, on June 19th, 2015

The St Louis real estate market continues to be on fire in many areas with buyers flocking to new listings like St Louisan’s to a Cardinals versus Cubs game! In some areas and price ranges it is not uncommon to have new listings receive 5 – 10 showings the first day and to sell within the first day or two and be sold before the ink is barely dry on the listing agreement.

St Louis’ Fastest Selling Neighborhood’s Are Selling 35% Faster Than Last Month!

Last month around this time I wrote a similar article with a list of Continue Reading →

St Louis Foreclosure Activity Trends Downward In Most Areas But Franklin County Spikes Upward

By Dennis Norman, on June 18th, 2015

St Louis foreclosure activity in May 2015 continued the downward trend with a drop of almost 9 percent from the month before for the St Louis MSA as a whole, according to data just released this morning by RealtyTrac. As the table below shows, foreclosure activity in May was up over 55% from May 2014, however, when we look at the 12 month rolling average, which gives a better indication of the trend (blue area in table) we see that for the 12 month period ended in May foreclosure activity is down over 13% from the same time a year ago. Continue Reading →

Over Two Million Boomerang Buyers May Buy Homes Over Next Five Years

By Dennis Norman, on June 17th, 2015

Over two million (2.2 million) boomerang buyers may re-enter the housing market as home buyers over the next five years as their credit recovers to the point where they can obtain a home mortgage again, according to a study just released by Trans Union. According to the study, 700,000 of those buyers will be eligible for mortgages this year alone. Boomerang buyers are described as homeowners who lost their home in foreclosure, did a short sale, deed in lieu or had some other serious negative credit action with regard to their home mortgage, such as becoming 60 days or more Continue Reading →

New Home Construction In Midwest Slips In May After Spike in April

By Dennis Norman, on June 16th, 2015

New Home Construction in the Midwest declined to a seasonally adjusted annual rate of return of 104,000 homes in May after hitting a rate of 123,000 homes in April. April’s increase in activity brought the rate of new home construction to 23% above a year ago, but in May the rate fell to a point 1% below the same time last year, according to newly released date from the U.S. Commerce Department and U.S. Census Bureau.

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Jefferson County Has Highest Rate of Foreclosures In Area

By Dennis Norman, on June 12th, 2015

During the 2nd quarter of this year, there was foreclosure activity on one out of every 887 housing units in Jefferson County, giving it the highest foreclosure rate of the main counties making up the St Louis real estate market, according to a report just released by RealtyTrac. Continue Reading →

St Louis Makes List Of Top Ten Metros In U.S. For Rate Of Zombies

By Dennis Norman, on June 11th, 2015

That’s right, Zombies are very real and very present in St Louis…at least Zombie foreclosures that is! That’s right. According to a foreclosure zombie report just released this morning by RealtyTrac, St Louis made the list of “Top 10 Zombie Foreclosure Rates Among Major Markets”, coming in at number 6 on the list with 1 of every 1,627 housing units being a zombie foreclosure. In the number 1 spot on the list was Tampa Florida where 1 of every 217 housing units is a zombie foreclosure (the complete list, and infographic, is below). Continue Reading →

St Louis County Cities With Highest Home Prices

By Dennis Norman, on June 10th, 2015

What cities in St Louis County have the highest home prices? Well, based upon homes that are either currently for sale or sold within the past year, the top 3 spots on both lists (current market or past 12 months0 are occupied by the St Louis County cities of Huntleigh, Country Life Acres and Ladue. Continue Reading →

Got Gas?

By Dennis Norman, on June 8th, 2015

Yes, I’m referring to CO Gas, more commonly known as Carbon Monoxide, of course! Carbon monoxide (CO) is a silent killer! There are many reasons why you should have a fully functional Carbon monoxide (CO) detector in your house at all times! First we need to understand the facts! Continue Reading →

Do Conventional Buyers Get Better Deals Than FHA Buyers?

By Dennis Norman, on June 5th, 2015

The other day I had a client, who was planning on using FHA financing, as me if I thought she would be able to negotiate as good of a deal as if she was obtaining a conventional loan. The concern was that, as an FHA buyer, would she be perceived as a weaker buyer in the seller’s eyes since FHA’s credit and income guidelines are not as stringent as Fannie Mae, and FHA requires a smaller downpayment as well. Continue Reading →

Missouri Ranks 30th In The Nation On Public School Spending Per Pupil

By Dennis Norman, on June 3rd, 2015

The State of Missouri spends $9,597 per pupil on public schools and is ranked 30th in the nation in terms of spending per pupil, according to data just released by the U.S. Census Bureau. Continue Reading →

Characteristics Of New Homes Built In 2014

By Dennis Norman, on June 1st, 2015

There were 437,000 new homes sold (single-family) in the U.S. last year, down from a peak of 1,283,000 in 2005. Roughly ten percent of the single-family homes sold were attached homes (44,000) and the remaining ninety-percent (393,000) were detached homes, according to data just released by the U.S. Census Bureau. Continue Reading →

Pending Home Sales In April Hit Highest Level In Nine Years

By Dennis Norman, on May 29th, 2015

The pending home sales index, published by the National Association of REALTORS® ,based upon the number of homes that went under contract but have not yet closed yet, hit 112.4 in April, a 3.4% increase from March and a 14% increase from a year ago marking the largest annual increase in almost 3 years (since September 2012) and the highest level for the index since hitting 112.5 in May 2006 during the height of the boom. Continue Reading →

City of St Louis Makes Top Spot on National List of Top Buyer’s Markets

By Dennis Norman, on May 28th, 2015

The city of St Louis came in at the top of list of RealtyTrac’s “Top Buyer’s Markets”, just released this morning. For the report, RealtyTrac analyzed average sales prices and estimated market values at time of sale for homes and condos sold in April in 315 U.S. counties to come up with a list of the Top Seller’s Markets and the Top Buyer’s Markets. Continue Reading →

New Home Sales in Midwest During April Increase 20 Percent From Year Ago

By Dennis Norman, on May 26th, 2015

New home sales here in the midwest region of the U.S. occurred in April at an adjusted annual rate of 78,000 homes, an increase of 36.8 percent from the month before when new home sales activity was at the rate of 57,000 homes per year and an increase of 20 percent from April 2014 when new homes were selling at the rate of 65,000 homes a year, according to data just released by the U.S. Census Bureau and HUD. Continue Reading →

St Louis Foreclosures Rise In April However Trend Is Down Almost 40 Percent

By Dennis Norman, on May 21st, 2015

St Louis foreclosures increased in April from the month before in the St Louis area counties of St Charles, Jefferson and Franklin, were fairly level in St Louis County and declined almost 12 percent in the city of St Louis. For the 5 counties that make up the core of the St Louis real estate market, the median increase in foreclosure activity in April 2015 from the month before was, as the table below shows, 10.68%, and, compared with foreclosure activity from April 2014, the median increase in foreclosure activity was almost 30 percent, according to data released this morning by RealtyTrac. Continue Reading →

New Home Construction In Midwest Surges in April

By Dennis Norman, on May 19th, 2015

New Home Construction in the Midwest really heated up during the month of may with construction beginning during the month on new single-family homes a the annual rate of 126,000 homes, an increase of 43.2% from March and an increase of 15.6% from April 2014, according to newly released date from the U.S. Commerce Department and U.S. Census Bureau. Continue Reading →

Mortgage Delinquency Rates Drop To Pre-Bubble Level

By Dennis Norman, on May 18th, 2015

The mortgage delinquency rate (home owners that are 60 days or more delinquent on mortgage payment) dropped to 2.95 percent in the first quarter of 2015, marking the first time the mortgage delinquency rate has been below 3 percent since the 3rd quarter of 2007 when the rate was 2.61 percent, according to a report released this morning by TransUnion. Continue Reading →