St. Louis home sales and prices both down Over 20 Percent from a year ago

Dennis NormanToday’s existing home sales report from the National Association of REALTORS® shows existing home sales in March were at at a seasonally adjusted-annual rate of 5.1 million units which is an increase of 3.7 percent from the month before and is a decrease of 6.3 percent from a year ago.

Home prices increase after declining for eight-consecutive months….

The median home price in the U.S. in March was $159,600, an increase of 2.2 percent from February’s revised median price of $156,900 and a decrease of 5.9 percent from a year ago when the median price was $169,600.

Number of homes for sale increases for the third-consecutive month….

The number of existing homes on the market increased in March by 1.5 percent to 3.549 million homes, but is down 2.1 percent from a year ago when there were 3.626 million homes for sale. Based upon the current rate of sales the supply that this inventory translates into decreased by 1.2 percent to 8.4 months from 8.5 months the month before and is 5.0 percent higher than a year ago when the supply was 8.0 months.

Metro Home Sales and Prices –

NAR publishes existing home sales for major metropolitan areas of the U.S. Highlights from that report for March include:

  • Only two metro areas saw an increase in sales from a year ago (down from five last month) with Phoenix leading the way with a 9.5 percent increase in sales.
    • Baltimore, MD again this month had the second largest year-over-year sales increase at 6.3 percent .
  • St. Louis, MO had the largest decrease in sales from a year ago again this month, with a 20.3 percent decrease.
    • Philadelphia, PA had the second highest decrease in sales from a year ago with a 16.6 percent decrease, closely followed by Kansas City, MO with a 14.7 percent decrease.
  • Fourteen of the metros also saw year-over-year declines in home prices in March.
    • San Antonio, TX saw the largest one-year increase in home prices this month with an 3.6 percent increase, followed by Washington D.C. at 1.0 percent.
    • St. Louis, MO saw the biggest one-year decrease in home prices this month, with a decline of 20.2 percent, followed by Cincinnati, OH with a 18.4 percent decline and Minneapolis-St. Paul with a 15.2 percent decline.

Lawrence Yun, NAR chief economist, expects the improving sales pattern to continue. “Existing-home sales have risen in six of the past eight months, so we’re clearly on a recovery path,” he said. “With rising jobs and excellent affordability conditions, we project moderate improvements into 2012, but not every month will show a gain — primarily because some buyers are finding it too difficult to obtain a mortgage. For those fortunate enough to qualify for financing, monthly mortgage payments as a percent of income have been at record lows.”

I don’t like “seasonally adjusted rates of sales”:

If you have been reading my posts for a while you know by now I don’t like “seasonally adjusted” numbers when artificial stimuli, such as tax-credits, can cause an unseasonal spike in sales activity. I much prefer to see the actual numbers and try to garner from them what is going on in the housing market.

The following are the ACTUAL Existing Home sales reported by NAR without any adjustment or fluff:

  • There were 402,000 existing homes sold in March which is an increase of 36.3 percent from the month before and a 6.3 percent decrease from a year ago.
  • Below are highlights from each region for March:
    • Northeast – 59,000 homes sold, an increase of 22.9 percent from the prior month a decrease of 11.9 percent from the year before.
    • Midwest – 85,000 homes sold, an increase of 34.9 percent from the prior month and a decrease of 14.1 percent from the year before.
    • South – 157,000 homes sold, an increase of 38.9 percent from the prior month and a decrease of 1.9 percent from the year before.
    • West – 101,000 homes sold, an increase of 42.3 percent from the prior month and a decrease of 1.9 percent from the year before.

Other highlights of the NAR Report for March 2011:

  • Distressed sales accounted for 40 percent of all home sales for the month, up from 39 percent the month before.
  • First-Time homebuyers accounted for 33 percent of the home sales for the month, down from 34 percent the month before.
  • Investors were the buyers of 22 percent of the homes for the month, up from from 19 percent the month before.
  • Repeat home buyers were responsible for approximately 45 percent of the month’s sales, down from 47 percent the month before.
  • Cash buyers were a record 35 percent of all sales in March, up from 33 percent in February.

My Take On the Numbers:

Home sales and prices continue to bounce around…..however, for many, if not most, markets in the U.S. it appears home prices have found a “bottom”…albeit a rocky bottom, a bottom nonetheless…

Print Friendly, PDF & Email

37 comments to St. Louis home sales and prices both down Over 20 Percent from a year ago

  • … [Trackback]

    […] Information to that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Find More on that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Find More on that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Read More Info here to that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Find More Information here to that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Read More here to that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Read More on that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Here you will find 45988 additional Info to that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • … [Trackback]

    […] Read More Info here on that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • I was suggested this website by my cousin. I’m not sure whether this post is written by him as nobody else know such detailed about my problem. You’re wonderful! Thanks!

  • … [Trackback]

    […] Information on that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • I discovered your blog website on google and test just a few of your early posts. Proceed to maintain up the superb operate. I simply extra up your RSS feed to my MSN Information Reader. In search of ahead to studying more from you in a while!…

  • I like this website so much, bookmarked. “Respect for the fragility and importance of an individual life is still the mark of an educated man.” by Norman Cousins.

  • It is in point of fact a nice and useful piece of information. I’m glad that you simply shared this useful information with us. Please keep us up to date like this. Thank you for sharing.

  • I like this website its a master peace ! Glad I detected this on google .

  • I like this post, enjoyed this one regards for posting.

  • Good day! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results. If you know of any please share. Kudos!

  • There is noticeably a bundle to learn about this. I assume you made sure good points in options also.

  • Can I just say what a aid to seek out someone who actually knows what theyre speaking about on the internet. You definitely know easy methods to convey a difficulty to mild and make it important. Extra folks have to learn this and understand this side of the story. I cant imagine youre no more standard since you definitely have the gift.

  • … [Trackback]

    […] Find More here on that Topic: stlouisrealestatenews.com/real-estate-market/st-louis-home-sales-and-prices-both-down-over-20-percent-from-a-year-ago/ […]

  • I do agree with all of the ideas you’ve presented in your post. They are really convincing and will certainly work. Still, the posts are too short for starters. Could you please extend them a bit from next time? Thanks for the post.

  • I got what you mean , thanks for putting up.Woh I am delighted to find this website through google. “Being intelligent is not a felony, but most societies evaluate it as at least a misdemeanor.” by Lazarus Long.

  • When I originally commented I clicked the -Notify me when new comments are added- checkbox and now each time a comment is added I get four emails with the same comment. Is there any way you can remove me from that service? Thanks!

  • I am impressed with this internet site, real I am a big fan .

  • I’ve been surfing online greater than three hours as of late, yet I never discovered any fascinating article like yours. It?¦s beautiful price sufficient for me. In my view, if all website owners and bloggers made good content as you probably did, the internet will probably be much more useful than ever before.

  • Greetings! Very helpful advice on this article! It is the little changes that make the biggest changes. Thanks a lot for sharing!

  • Thanks so much for giving everyone an extraordinarily brilliant chance to read articles and blog posts from this site. It is usually so amazing plus full of amusement for me and my office colleagues to search the blog minimum three times in a week to see the newest stuff you have. And lastly, I’m also usually motivated considering the astounding opinions you give. Some 2 areas in this article are in truth the most impressive we have all ever had.

  • I?¦ll right away seize your rss as I can’t find your email subscription hyperlink or newsletter service. Do you’ve any? Kindly permit me realize so that I may just subscribe. Thanks.

  • You are my inhalation, I have few blogs and often run out from to post .

  • NDS

    Some genuinely great information, Glad I discovered this.

  • Hi! I could have sworn I’ve been to this site before but after checking through some of the post I realized it’s new to me. Anyways, I’m definitely delighted I found it and I’ll be book-marking and checking back frequently!

  • Hey I am so glad I found your web site, I really found you by accident, while I was looking on Yahoo for something else, Anyhow I am here now and would just like to say kudos for a incredible post and a all round exciting blog (I also love the theme/design), I don’t have time to read through it all at the moment but I have saved it and also added in your RSS feeds, so when I have time I will be back to read more, Please do keep up the superb job.

  • Pretty great post. I just stumbled upon your weblog and wished to say that I have really loved browsing your weblog posts. In any case I’ll be subscribing in your rss feed and I hope you write once more soon!

  • You could definitely see your enthusiasm in the work you write. The world hopes for even more passionate writers like you who aren’t afraid to say how they believe. Always follow your heart.

  • Hiya very nice blog!! Man .. Excellent .. Wonderful .. I’ll bookmark your site and take the feeds additionally?KI am happy to find numerous useful information here in the publish, we need work out extra strategies in this regard, thank you for sharing. . . . . .

  • Wonderful beat ! I would like to apprentice while you amend your website, how could i subscribe for a blog site? The account helped me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  • Magnificent items from you, man. I have bear in mind your stuff prior to and you’re simply extremely magnificent. I actually like what you have obtained here, really like what you’re stating and the way in which in which you say it. You make it entertaining and you continue to care for to stay it wise. I can’t wait to read far more from you. That is actually a great site.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>