February home price index hits eight year low; St Louis is sixth best of the 25 metros

RPX Composite Home Price Fell to Lowest Level since March 2003 – St. Louis ranks 6th of 25 metros on one year rate of change of home prices.

Radar Logic published it’s Housing Market Report for February showing that it’s “RPX Composite Price”, for the 25 metro areas covered by the index, including St. Louis, fell 0.7 percent from January and 4.3 percent from the year before. St. Louis home prices fell 2.4 percent from January and 4.4 percent from a year ago.“The current data suggest a continuing weak environment driven by too much supply and too few buyers. While we suspect it is harder to get a mortgage than it used to be, we also suspect the real problem is too few people want to,” according to Michael Feder, Radar Logic’s CEO. “A house is not currently viewed as the safe investment it once was. When this psychology reverses, we will see a recovery. But that may not be for some time.”

St. Louis Real Estate Market Highlights from the report:

  • The number of home sales in St. Louis for February 2011 was 15.6% higher than the month before and 1.6 percent less than a year ago.
  • “Motivated” home sales in St. Louis in February accounted for about 26 percent of the home sales, up slightly from a year ago when it was around 24 percent.

Source: RadarLogic

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