St. Louis Area Residential Real Estate Market Report For March 2024

The St. Louis MSA residential real estate market is experiencing a phase of transformation. While the sales volume has seen a downturn, median sale prices have held steady, indicating a resilient market underpinned by solid demand.  The complete STL Market Reports for the entire metro area as a whole, as well as the major counties, are available exclusively from MORE, REALTORS® and are below.

Key Findings:

  • Sales Volume Decline: The St. Louis MSA experienced a 9.30% decrease in the number of homes sold during the 12-month period ending March 31, 2024, compared to the previous year.
  • Median Sold Price Growth: Despite decreased sales, median sold prices rose by 2.40% from $248,000 to $253,950 during the same period.
  • Price Per Square Foot (PPSF):  The PPSF of current listings is 3.74% than the PPSF of homes that sold during the prior 12-months. This suggests an adjustment in the market with current listings being priced lower than what was sold in the past year.
  • Inventory and Supply:  There is currently a 1.07 months supply of homes for sale, indicating a tight inventory reflective of a seller’s market.
  • Median days on the market: The median time on the market of current listings is just 22 days, showing homes are selling relatively quickly.

County Highlights:

  • St. Louis City and St Louis County:
    • A decrease of -5.14% in homes sold year-over-year.
    • A reduction in median sold price by -1.21%.
    • A significant drop in PPSF for current listings by -15.93% compared to the last 12 months.
  • St. Charles County:
    • The number of homes sold dropped by -14.64%.
    • Median sold prices increased by 5.97%.
    • PPSF for current listings increased by 12.61%, signaling strong market growth.
  • Franklin County:
    • A decrease of -9.72% in homes sold year-over-year.
    • Median sold prices increased by 9.09%.
    • PPSF for current listings rose by 8.86%.
  • Jefferson County:
    • The number of homes sold decreased by -16.63%.
    • An increase in median sold prices by 4.02%.
    • A substantial increase in PPSF for current listings by 12.63%.

Market Implications:

The St. Louis MSA real estate market is currently defined by a decrease in the number of homes sold but a general uptrend in prices. The PPSF analysis reveals a market correction, yet the trend suggests prices might increase shortly.

  • For Sellers: The current market presents an opportunity due to low inventory levels and a consequent seller’s market, indicated by the low months’ supply.
  • For Buyers:  The decreased competition and market adjustment could benefit buyers, yet they should be mindful of the resilient pricing trends.

The real estate landscape in the St. Louis metro requires careful navigation, with sellers possibly leveraging the low supply and buyers staying cautious of the potential for increasing prices. Stay informed with St. Louis Real Estate News for ongoing analysis and insights into local market trends.

Continue reading “St. Louis Area Residential Real Estate Market Report For March 2024

Fastest Selling Zip Codes in the St. Louis Metro Area

The St. Louis Metro area (MSA), which spans parts of Missouri and Illinois, has a diverse real estate market with some zip codes seeing properties sell much faster than others. Based upon the report below, available exclusively from MORE, REALTORS®
, the fastest selling zip code in the area is 63070 in Jefferson County, Missouri where the current average days on market for active listings is just 12 days. Close behind in second place is 63040 in St. Louis County with 9 listings averaging 15 DOM. Rounding out the top five are 63134 (St. Louis County, 16 DOM), 63038 (St. Louis County, 17 DOM), and 63052 (Jefferson County, 20 DOM). The City of St. Louis makes its first appearance at #9 with 63021 and its 17 listings averaging 27 DOM.

Notably, 8 of the top 10 fastest-selling zips are located in Missouri counties, with just two from the Illinois side of the MSA – 62254 in St. Clair County at #14 and 62035 in Madison County at #15.


 

Fastest Selling Zip Codes in St Louis

(click on table for complete list with current data)

St. Louis 2024 Housing Market: First Quarter Update

As we close the first quarter of 2024, it’s an opportune moment to revisit the forecasts I made at the end of last year regarding the St. Louis real estate market. With the data from January through March now available, we can assess the accuracy of the initial predictions and adjust our outlook for the remainder of the year.

Scorecard on December Predictions:

  • 2024 Home Sales Forecast: I projected a slight decrease in the annual sales volume to about 22,400 homes. The data from the first quarter shows a varied trend with the 12-month home sales at the end of each month being:
    • January: 22,702 sales
    • February: 22,836 sales
    • March: 22,690 sales

These numbers suggest a relatively stable market, albeit with a slight variance from the predicted downward trend. The sales in February exceeded expectations, hinting at a possibly more dynamic market than initially forecasted.

  • 2024 Home Prices Forecast: I anticipated a modest increase in home prices to peak around $196/foot in the summer, followed by a leveling off to approximately $184/foot by year-end. The first quarter showed median prices per foot as follows:
    • January: $175/foot
    • February: $178/foot
    • March: $186/foot

The March figure aligns closely with the expected summer peak. This rapid ascent in prices suggests a stronger upward momentum in the housing market than forecasted, possibly reflecting tighter inventory or increased demand.

Updated Forecast for 2024:
Given the trends observed in the first quarter, I am revising my forecast for the St. Louis real estate market in 2024 as follows:

  • Home Sales: The initial months of 2024 demonstrate a robustness that might offset the predicted decline. While the fluctuation in monthly sales advises caution, the overall stability could mean ending the year closer to 22,700 home sales, slightly above the early prediction.
  • Home Prices: The quicker than anticipated rise in median prices per foot, particularly the jump in March, prompts an upward revision in the price forecast. Should this trend persist, we might see the peak prices approaching $200/foot by mid-year, with a less pronounced decline towards year-end, potentially stabilizing around $190/foot.

A Word of Caution:
As always, this forecast is contingent on prevailing economic conditions, including interest rates and inflation trends. Significant deviations in these or other macroeconomic factors could impact the market differently than expected.

In summary, the St. Louis housing market is showing signs of robust activity and price growth in the first quarter of 2024. Buyers and sellers should stay informed and agile, ready to adjust to the dynamic market conditions.


St Louis 5-County 12-Month Home Sales and Price Trend

(click on chart for live, interactive chart)

St Louis 5-County 12-Month Home Sales and Price Trend

St. Louis Metro Real Estate Market: Interpreting the Current Trends

The St. Louis Metro residential real estate market in 2024 is showcasing diverse trends, indicating an evolving landscape for buyers, sellers, and industry professionals. The latest data, detailed in the STL Market Report exclusively from MORE, REALTORS®, offers a snapshot of these dynamics.

Contrasting Sales Trends:

  • There’s a notable decrease in home sales volume by 16.11% in the past year, with figures declining from 38,173 to 32,022 homes sold.

Home Value Resilience:

  • Despite the lower sales volume, median sold prices in the metro area nudged upward by 2.44%, moving from $246,000 to $252,000 year-over-year.

Price Per Square Foot (PPSF) Analysis:

  • The average PPSF for homes sold over the last 12 months stands at $173.85. Listings this month are somewhat lower at $163.46 PPSF.
  • Active listings for the month are quoted at a PPSF of $165.00, indicating a tentative increase in asking prices.

Signs of Market Adjustment:

  • A reduction in PPSF by 5.09% for current listings compared to the PPSF of homes sold in the past year hints at a market adjustment.
  • The current price trend arrow points upwards, suggesting that prices might be starting to rise again despite the recent cooling off.

Inventory and Supply Dynamics:

  • With 2,498 listings currently for sale and 2,051 homes sold last month, inventory levels are tight.
  • The months’ supply of inventory is low at 1.22, indicative of a seller’s market.
  • Homes are selling relatively swiftly, with the median number of days on the market being 27.

The St. Louis Metro real estate market’s recent performance, detailed in the report shown below, reveals a complex picture. Sales volume is down, yet home values are resilient, even with the lower PPSF for current listings. This discrepancy suggests that, although the pace of sales has slowed, the demand remains robust enough to support current price levels.

Sellers might see this as an opportunity, given the scarcity of inventory and the seller’s market indicated by the low months’ supply. However, buyers may benefit from less competition, even as they face persistent price strength. It’s a pivotal time for the market, and those involved will need to navigate these mixed signals with strategic planning and sound advice from experienced real estate professionals.

Stay tuned to St. Louis Real Estate News for detailed analyses and updates on our local market trends.


STL Market Report

(click on report below for live, current report)STL Market Report - St Louis Metro Area Home Prices and Sale


Are Home Prices Rising Faster Than Income, Again?

RealtyTrac published a report earlier this week revealing median home prices in the U.S. increased over the past two years at a rate 13 times greater than what wages increased during the same period. RealtyTrac’s report included a chart (below) showing several metropolitan areas throughout the U.S. where, over a recent two year period, home prices were outpacing wages and that “either wages are going to need to go up or (home) prices are going to need to at least flatten out and wait for wages to catch up.”

St Louis Home Price Appreciation Versus St Louis Wage Growth:

As I often remind everyone, all real estate is local, so I wanted to look at local data to see how St Louis shaped up in an analysis similar to the one done by RealtyTrac.  I was particularly interested in the outcome of my analysis since it wasn’t that long ago I wrote an article questioning whether home prices in St Louis were too low and now, on a national level, the discussion seems to be perhaps they are too high.

(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ]

Search ALL St Louis Homes For Sale

See ALL Homes That Will Be Open In St Louis This Weekend

Continue reading “Are Home Prices Rising Faster Than Income, Again?

In What St Louis Neighborhoods Have Home Prices Increased?

St Louis Realtor, Dennis Norman, Past President St Louis Association of RealtorsThe table below shows the top 25 St Louis neighborhoods where the prices of homes listed for sale have increased in the prior 90 days.  This could be an indicator of rising home prices in the area or could be an indicator of a lot of investor or speculator activity resulting in homes being purchased and immediately put back out on for sale to “flip” it at a higher price.  This is why it is always important to look at more than just one statistic when trying to determine what is going on in a particular market and why it is imperative that you deal with a  real estate professional that has access to real-time, accurate data and knows how to interpret it.

(Looking to find an agent like that?  Contact me…I’ll help you out).

[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ] Continue reading “In What St Louis Neighborhoods Have Home Prices Increased?

Majority of Sellers Are Lowering Asking Prices On Homes In Many St Louis Neighborhoods

Sellers in most St Louis neighborhoods have had to lower the asking price of their homes in the past 90 days and, in fact, as of today, 11 St Louis neighborhoods have seen more than half the sellers lower their prices, according to MORE, REALTORS.

As the table below shows, almost 75% of sellers in the 63122 zip code area of Des Peres have lowered their home price in the past 90 days (this list is real-time and “live” so, depending upon when you are reading this, the data may have changed).  Next on the list are three zip codes, 63119, 63109 and 63101 where more than 60% of sellers have lowered their home price.

(We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ] Continue reading “Majority of Sellers Are Lowering Asking Prices On Homes In Many St Louis Neighborhoods

Case-Shiller report shows U.S. home prices increased slightly in June

Dennis Norman

Dennis Norman

This morning, the S&P/Case-Shiller Index report for June was released showing US home prices increased for the third consecutive month however, average home prices in the U.S. are still about the same as they were over 8 years ago in early 2003. The report shows their 20-city composite home price index increased by 1.1 percent from the month before and declined by 4.5 percent from a year ago. and the 10-city composite home price index increased by 1.1 percent from the month before and was down 3.8 percent from the year before. Continue reading “Case-Shiller report shows U.S. home prices increased slightly in June

St Louis ranked 4th best performing real estate market in U.S.

Dennis Norman St Louis RealtorClear Capital just released their housing market report which, based upon data available through and including July 2011, has ranked the 15 best and worst performing housing markets in the U.S. based upon their quarter-over-quarter change in home prices.  St. Louis came in number 4 on the list of best performing metros with a 12.5 percent quarter-over-quarter increase in home prices!    See all the results below: Continue reading “St Louis ranked 4th best performing real estate market in U.S.

Home prices increased in June; third consecutive month of increases

Dennis Norman St Louis

A report released by CoreLogic shows U.S. home prices increased in June 2011 by 0.7 percent from the month before, marking the third consecutive month-over-month increase. However, U.S. home prices in June 2011 decreased 6.8 percent from the year before. If we take the distressed sales (foreclosures, REO’s and short-sales) then year-over-year home prices declined by 1.1 percent in June 2011 from June 2010. Continue reading “Home prices increased in June; third consecutive month of increases

Home Price Index increases for second consecutive month in May

Dennis Norman

Dennis Norman

This morning, the S&P/Case-Shiller Index report for May was released showing US home prices increased for the second consecutive month with average home prices in the U.S. being about the same as they were in the summer of 2003. The report shows their 20-city composite home price index increased by 1.0 percent from the month before and declined by 4.5 percent from a year ago. and the 10-city composite home price index increased by 1.1 percent from the month before and was down 3.6 percent from the year before. Continue reading “Home Price Index increases for second consecutive month in May

Homeowners that bought since 2006 overpricing the most when they resell

St. Louis REALTOR, Dennis NormanA report just released by Zillow.com shows that current home sellers who purchased their homes “after the bubble” (2007 or after) are overpricing their homes by more than sellers that bought during the bubble (2002-2006) or before the bubble (pre-2002). According to the report, current sellers that bought post-bubble are overpricing their homes by an average of 14.1 percent, compared with sellers that bought during the bubble that are overpricing their homes by an average of 9.3 percent and the sellers that purchased pre-bubble are overpricing by 11.6 percent. Hmm, notice a theme? On average, ALL sellers are overpricing their homes in the current market. Continue reading “Homeowners that bought since 2006 overpricing the most when they resell

80 Percent of homes bought in last five years are worth less now…

Dennis Norman St LouisIn Britain…

I am not a “misery loves company” guy, nor a “grass on the other side is always greener” guy, but in this case, it’s good to know the grass is greener in the U.S., at least as it relates to the housing market. Granted, I may be getting a little desperate for some good news, but a study I saw on the housing market in Britain by Zoopla.co.uk got my attention when I saw that 80 percent of the 4.32 million homes bought in Britain since 2006 are now worth less than the buyer paid. My first thought was, “wow, our market may be bad, but at least not that bad”, my next thought was, “am I sure about that?”. Continue reading “80 Percent of homes bought in last five years are worth less now…

Home price index for April increases for first time in 8 months

Dennis Norman

Dennis Norman

This morning, the S&P/Case-Shiller Index report for April was released showing US home prices showed a monthly increase for the first time in eight months bringing average home prices in the U.S. back to their summer 2003 levels. The report shows their 20-city composite home price index increased by 0.7 percent from the month before and declined by 4.0 percent from a year ago. and the 10-city composite home price index increased by 0.8 percent from the month before and was down 3.1 percent from the year before. Continue reading “Home price index for April increases for first time in 8 months

Robert Shiller on the Housing Boom and Bust and where home prices are headed

Robert Shiller

I’m doing this article as I attend a presentation by Robert Shiller, Yale Economics Professor and Co-Founder of the S&P/Case Shiller Home Price Indices at the S&P Housing Summit 2011, as he discussed “Unusual Factors Influencing the Outlook for the U.S. Housing Market. So it may be a little choppy, but here are the highlights of his presentation “live”: Continue reading “Robert Shiller on the Housing Boom and Bust and where home prices are headed

Report Shows U.S. Home Prices Hit Record Low in First Quarter; “No relief in sight”

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for the first quarter of 2011 was released showing home prices continue to fall and that the national home price index hit a new recession low. Nationally, home prices are back to their mid-2002 levels according to the report.

Continue reading “Report Shows U.S. Home Prices Hit Record Low in First Quarter; “No relief in sight”

Home prices continue to fall and continue to point to double dip in housing market

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for February was released showing home prices continue to fall and that the housing housing market continues to head toward a double dip in home prices. The report shows their 20-city composite home price index declined by 1.1 percent from the month before and declined by 3.3 percent from a year ago. Continue reading “Home prices continue to fall and continue to point to double dip in housing market

St. Louis Home Prices Decreased In February; Non-Distressed Sale Prices Stabilizing

According to a report released this morning by CoreLogic, St. Louis home prices (including distressed sales) declined by 8.29 percent in February 2011 from the year before.  The prior month showed home prices had declined 7.24 percent from the year before, so the bad news is this shows home prices are continuing to trend downward.  The good news is, if you remove the distressed sales from the mix then St. Louis home prices in February only declined by 1.07 percent from the year before and in the month before declined by 2.38 percent from the year before showing that home price decline for home prices on “normal” St Louis home sales is slowing and prices are moving toward stabilization.

Unfortunately distressed sales are not going away any time soon so they will continue to put downward pressure on St Louis home prices however we are beginning to see the light at the end of the tunnel.

Will that be one scoop or two? Two, answers home prices.

Dennis Norman

Dennis Norman

When I take my kids out for an ice cream cone it’s pointless to ask if they want one or two dips, they always go for the double dip! What’s good for ice cream sales is not good for home prices though…..and, unfortunately, it appears that home prices are choosing to go for the double dip as well...

Today the S&P/Case-Shiller Index report for January was released showing home prices are off to a dismal start in 2011 and further proof that the housing market is headed toward a double-dip in home prices. The report shows their 20-city composite home price index declined by 3.1 percent from a year ago. Continue reading “Will that be one scoop or two? Two, answers home prices.

January home price index reaches new low

RPX Composite Home Price Fell to Lowest Level since April 2003

Radar Logic published it’s Housing Market Report for January showing that it’s “RPX Composite Price” fell 3.8 percent from December and 3.4 percent from the year before. Continue reading “January home price index reaches new low

Home Price Index Shows Year-Over-Year Decline for Sixth Straight Month

Dennis Norman St Louis

A report released this morning by CoreLogic shows home prices in the U.S. declined in January by 5.7 percent from the year before, marking the sixth-consecutive month year-over-year home prices have dropped, according to their index.

The January data shows home prices continuing to slide. Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.” Continue reading “Home Price Index Shows Year-Over-Year Decline for Sixth Straight Month

Survey shows Americans gaining confidence in stability of home prices

Dennis Norman St LouisThe Fannie Mae Fourth Quarter National Housing Survey polled homeowners and renters alike to assess their confidence in homeownership as an investment as well as their views on housing finance and the overall economy. The survey revealed that Americans are more confident about the stability of home prices than they were at the beginning of 2010, although they aren’t so confident about the strength of the overall US economy. Continue reading “Survey shows Americans gaining confidence in stability of home prices

Report confirms home prices still falling; headed toward double-dip

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for December was released and supports last months report saying a double-dip in home prices was headed our way. The report shows home prices declined by 3.9 percent during the fourth quarter of 2010. Continue reading “Report confirms home prices still falling; headed toward double-dip

Home prices expected to continue to suffer as a result of foreclosures

Much has been written (including by me) about the negative impact foreclosures and other distress sales have on home prices so this is no new issue.  In fact, most readers have probably seen (or felt) the impact of this in their own neighborhood.

The charts below which show the percentage of mortgages that were 90 days or more past due and in foreclosure for 2007 through 2010 illustrate well just how ugly this issue is.  In the lower left hand corner of each chart is depicted the national house-price index through the period and it is easy to see that as the foreclosure activity grew, home prices declined.  Continue reading “Home prices expected to continue to suffer as a result of foreclosures

Home prices fall in St. Louis almost 9 percent in December; Missouri ranks 5th in U.S. in home price declines

Today, CoreLogic released its December Home Price Index (HPI) showing that home prices in the U.S. declined for the fifth-straight month. The report shows home prices declined by 5.46 percent in December 2010 compared with December 2009.

St. Louis home prices fell by 8.74 percent in December 2010 compared with December 2009, a decline of over 60 percent higher than the national home price decline. Home prices for the state of Missouri fell 8.82 percent during the period, slightly higher than St. Louis and high enough to put Missouri at number 5 in the country for home price declines for the period.  Ugh..

Continue reading “Home prices fall in St. Louis almost 9 percent in December; Missouri ranks 5th in U.S. in home price declines

Home Prices Continue to Weaken Confirming Double Dip Fears

Dennis Norman

Dennis Norman

Today the S&P/Case-Shiller Index report for November was released and confirms concerns that I have discussed previously that the housing market is headed for a double dip in home prices.

The report revealed that home prices decreased in 19 or the 20 metro areas covered by the report from their October levels and only four of the metro’s showed a year-over-year price gain in November.Furthermore, nine metros – Atlanta, Charlotte, Chicago, Detroit, Las Vegas, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007. Continue reading “Home Prices Continue to Weaken Confirming Double Dip Fears

Where is the real estate market headed in 2011?

Dennis Norman St LouisThe real estate market has not been very nice to us over the past 3 years or so and we are all anxious to see the light at the end of the tunnel. With that in mind, and 2011 in front of us, where is the real estate market headed in 2011? Before I take my humble stab at answering this question I need to remind you I am not an economist nor do I have a PhD behind my name, in fact I have nothing behind my name. All I can offer is a whole lot of experience “in the trenches“….as a broker, investor, developer…. Continue reading “Where is the real estate market headed in 2011?

Home Prices: The Coming ‘Double Dip’

Dennis Norman

Dennis Norman

Yesterday the S&P/Case-Shiller Index report for October was released and was filled with bad news on the housing market. The report revealed that home prices decreased in all 20 metro areas covered by the report from their September levels and only four of the metro’s showed a year-over-year price gain in October.Furthermore, six metros – Atlanta, Charlotte, Miami, Portland (OR), Seattle and Tampa – hit their lowest levels since home prices started to fall in 2006 and 2007.

This news comes at a time when we have seen a couple of bits of positive news on the housing market, so of course it is disappointing but not unexpected. It look us a long time to get into this mess and it’s going to take a while to get out. David Blitzer, the Chairman of the Index Committee at Standard and Poor’s, comments on the report are rather bleak. Mr. Blitzer said “the double-dip is almost here, as six cities set new lows for the period since the 2006 peaks. There is no good news in October’s report. Home prices across the country continue to fall.” Continue reading “Home Prices: The Coming ‘Double Dip’

Home prices decline in third quarter

Dennis Norman

Dennis Norman

This morning S&P/Case-Shiller Index report for the third quarter or this year was released showing home prices declined 2.0 percent in the third quarter after having risen 4.7 percent in the second quarter.

Nationally, home prices are 1.5 percent below where they were a year ago. In September, 18 of the 20 metro areas covered by the report had declines in the home price index.

Continue reading “Home prices decline in third quarter

Sellers reduce home prices as they struggle to compete with distressed home sales

Price Reductions Surpass Highest Historical Levels in 15 U.S. Cities, Remain Flat Nationwide

According to a report released this morning by Trulia.com, 27 percent of the homes for sale in November have experienced at least one price cut. Following four-consecutive months of increases, this rate has now flattened out nationwide. However, locally the story is different as 15 major cities hit an all-time high for price reductions in November.

Price reduction increases in many large U.S. cities can be attributed to the basic principle of supply and demand –– on that score, buyers clearly have the advantage this holiday season,” said Tara-Nicholle Nelson, consumer educator, Trulia.com. “The market is flooded with distressed homes that are priced to sell and individual sellers are having a tough time competing. These dynamics, along with a shallow pool of active buyers, are leading to increases in price reductions.”

The average discount for price-reduced homes continues to hold at 10 percent off of the original listing price.

 Cities with Record High Percentage in Price Reductions      

     -----------------------------------------------------------------
                                            % of Price Reductions in
        Rank          City          State         November 2010
     -----------------------------------------------------------------
         1    Minneapolis            MN                46%
     -----------------------------------------------------------------
         2    Phoenix                AZ                40%
     -----------------------------------------------------------------
         3    Mesa                   AZ                39%
     -----------------------------------------------------------------
         4    Baltimore              MD                39%
     -----------------------------------------------------------------
         5    Chicago                IL                35%
     -----------------------------------------------------------------
         6    Colorado Springs       CO                34%
     -----------------------------------------------------------------
         7    Arlington              TX                33%
     -----------------------------------------------------------------
         8    Cleveland              OH                33%
     -----------------------------------------------------------------
         9    Fresno                 CA                32%
     -----------------------------------------------------------------
         10   Long Beach             CA                32%
     -----------------------------------------------------------------
         11   Philadelphia           PA                31%
     -----------------------------------------------------------------
         12   San Diego              CA                29%
     -----------------------------------------------------------------
         13   Sacramento             CA                28%
     -----------------------------------------------------------------
         14   Fort Worth             TX                28%
     -----------------------------------------------------------------
         15   Denver                 CO                25%
     -----------------------------------------------------------------