St. Louis Has 4th Highest Homeownership Rate of Major Metros in U.S.

Saint Louis Realtor, Dennis Normanst-louis-real-estate-realtor-dennis-normanAlmost 3 of every 4 housing units (73.8 percent) in St. Louis is occupied by a homeowner making St. Louis 4th in terms of homeownership of the 75 largest major metropolitan areas in the U.S.  In spite of the real estate market meltdown that began back in 2007, homeownership in St. Louis has remained fairly steady falling just one-half of one percent since 4th quarter 2006 when the rate was 74.3 percent.  Homeownership rates in St. Louis are 3 percent higher than those for the state of Missouri which, for the 4th quarter of 2012, was at 70.8 percent.  On a national level, the homeownership rate in 4th quarter of 2012 was 65.4 percent which is down from 68.9 percent in the 4th quarter of 2006. Continue reading “St. Louis Has 4th Highest Homeownership Rate of Major Metros in U.S.

St Louis new home construction and sales showing signs of life

dennis-norman-st-louis-realtor-real-estate-new-home-salesIf you’ve been waiting to buy a new home thinking that prices will continue to fall as builders get more desperate to sell homes, I think you may have missed the boat, er, house. The bruised new home market continues to show signs that the worst is over including numbers just released showing new home sales in the U.S. in August were up almost 28 percent from a year ago and new home prices were up 17 percent during the same period in the U.S.   Here in St. Louis, the St. Louis HBA just reported that building permits for new homes in St. Louis are 15% through August compared with this time last year and St Louis new home prices, as you can see from the chart below, while down slightly August from July, are up significantly in the past year from a media price of $228,000 in August 2011 to a median price of $268,000 in August 2012.

Be sure to click “more” to see the chart.. Continue reading “St Louis new home construction and sales showing signs of life