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 regained what was lost when the housing bubble burst and then some.
This is in contrast to what is happening at the national level with regard to home prices as evidenced by comments made by two of the top economists as teh National Association of Real Estate Editors (NAREE) conference last week. At the conference, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) said he “anticipates home prices will return to their 2006 peak sometime this year” and Frank Nothaft, Chief Economist for Corelogic (and formerly for Freddie Mac) predicted home prices nationally would not return to 2006 levels until the end of 2017.
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St Louis 5 County Median Home Prices – 10 Year
County-Level Comparison of Current Home Prices to 2006 Peak Price:
- St Louis County – 11.3% increase from $159,900 in 2006 to $178,000
- St Louis City – 11.6% increase from $112,900 to $125,000
- St Charles County – 1.2% decline from $197,500 in 2006 to $195,000
- Jefferson County – 5.3% decline from $155,900 in 2006 to $147,500
- Franklin County – 5.3% decline from $132,000 in 2006 to $125,000