St Louis Home Prices - St Louis Real Estate News

St Louis Home Prices Rose Twelve Percent In Last 12 Months

By Dennis Norman, on November 5th, 2013

St Louis home prices (core market) rose 12 percent rose from a median price of $125,000 for homes sold in September 2012 to $140,000 for homes sold in September 2013, according to MORE, REALTORS. The core market for St Louis includes the city of St Louis as well as the counties of St Louis, St Charles, Jefferson and Franklin.

Home price appreciation during the past year in the core St Louis market, at 12%, was right in line with national home prices which, according to a report released today by CoreLogic, rose 12% as well during the same period. Continue Reading →

Less Competition And Lower Prices On Older Homes In St Louis

By Dennis Norman, on October 31st, 2013

I decided to take a look at the age of homes in the St Louis area and determine if older homes in St Louis sell for lower prices than newer homes. My idea to do this was prompted by a report RealtyTrac published this morning revealing that 71 percent of the homes in the U.S. were built before 1990 and that there was less demand for these older homes thereby making prices more affordable than on their newer counterparts.

My research shows that the city of St Louis and St Louis county have a larger percent of older (pre-1990) housing Continue Reading →

St Louis’ Cheapest Homes (Slideshow)

By Dennis Norman, on October 30th, 2013

Since I occasionally publish a slideshow of St Louis’s most expensive homes for sale, it only seemed fair to do a slideshow of St Louis’ cheapest homes for sale as well. Would you believe that, at the time of publication, there are actually two homes for sale for the price of $1.00? That’s right, one buck! Granted, they don’t look like much (actually they look like you should be paid to take it) but what do you expect for $1.00?

So, here goes:

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St Louis Home Prices and Real Estate Market Update for October 2013

By Dennis Norman, on October 8th, 2013

It’s a fickle market…

The government shut-down and economy that is, at best, somewhat unstable, continues to keep home buyers somewhat timid. As the data shows in our just-released 5 minute market update, St Louis home prices and St Louis home sales have both increased in the past year, but the market is fairly fragile at this point.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

You can now subscribe to our ITUNES Podcast Channel to receive our updated market videos via podcast automatically Continue Reading →

How Much Does The Quality of the School District Impact Home Values?

By Dennis Norman, on September 18th, 2013

St Louis has some top rated public school districts cranking out kids with high GPA’s but also has some districts facing real challenges, the most recent of which being the Normandy School District. I think most people agree that the quality of the schools has an impact on home values in that district as demand to be in the top districts is thought to help protect home values but to what extent?

St. Louis has school districts at the top, as well as the bottom, of the list.

Continue Reading →

Over 123,000 St Louis Homeowners Are Seriously Underwater

By Dennis Norman, on September 6th, 2013

Nearly one of every 4 St Louis homeowners with a mortgage are seriously underwater, meaning their mortgage exceeds the current value of their home by 25 percent or more, according to a report just released by RealtyTrac. As the table below shows, the city of St. Louis has the highest percentage of seriously underwater homeowners at 31 percent and Franklin county the lowest at 14 percent. In addition, there are another 104,000 St Louis homeowners in a “near-equity” or “resurfacing equity” position, meaning their loan equals 90 to 110 percent of the current value of their home. As long Continue Reading →

Home Prices In St Louis Rose Almost 7 Percent In Past Year

By Dennis Norman, on September 5th, 2013

Home prices in St Louis (core market) rose from a median price of $145,000 for homes sold in August 2012 to $155,000 for homes sold in August 2013, an increase of 6.9 percent. The core market for St Louis includes the city of St Louis as well as the counties of St Louis, St Charles, Jefferson and Franklin.

Continue Reading →

Where are the buyers markets in St Louis?

By Dennis Norman, on August 26th, 2013

With all the talk lately about many St Louis neighborhoods going from the doldrums to a sellers market many would-be home buyers (and investors) are asking where are the buyers markets are in St Louis? The are looking for the areas where the opportunity still exists to negotiate a better deal and not have to worry about getting caught in a multiple offer situation like we are seeing in some of the hotter markets today. While the upside to a buyer’s market is less competition and perhaps a better price, the downside is there is a reason Continue Reading →

Economists Predict Home Price Appreciation for 2013 to Top 6 Percent On National Level

By Dennis Norman, on August 10th, 2013

Home Price Appreciation for 2013 is expected to be 6.75 percent (year-over-year from 2012), according to the average estimate of a panel of 106 economists surveyed by Pulsenomics. Interesting enough, though the economists had varying opinions, not one panelist project a decrease in home prices for 2013, in fact the lowest estimation of home price increase for 2013 was 1.69 percent and at the other end of the spectrum, the highest projection was 15 percent.

Also worth noting from the survey was the fact that 88 percent of the economists on the panel did not feel that Continue Reading →

St Louis Real Home Prices and Sales Market Update VIDEO-August 2013

By Dennis Norman, on August 9th, 2013

It’s a seller’s market in 60 St Louis Neighborhoods!

That’s right, according to the latest market data from MORE, REALTORS. 60 St Louis neighborhoods are experiencing a seller’s market while only 8 have a buyer’s market. Which ones you ask? Invest 5 minutes of your time watching my market up date video below and you will find out!

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

Continue Reading →

Home Prices Increased In Most Metros

By Dennis Norman, on August 8th, 2013

Home prices increased during the 2nd quarter of 2013, on a year-over-year basis, in 87 percent of the metro areas in the U.S. according to data released today by the National Association of REALTORS (NAR). Home prices increased in the U.S., from a median of $181,300 in the 2nd quarter of 2012, 12.2 percent to $203,500 in the 2nd quarter of 2013, according to NAR. (For complete NAR Report click here)

Locally, the St. Louis MSA saw a modest increase of 1.5 percent from $134,600 to $136,600 during the same period. Drilling down though to the 5 county core Continue Reading →

Missouri has almost the lowest closing costs in the nation!

By Dennis Norman, on August 8th, 2013

That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate.

See table below for survey results for all states:

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Continue Reading →

Three out of four people say now is a good time to buy a home

By Dennis Norman, on August 7th, 2013

Nearly three out of four people (74%) say now is a good time to buy a home, according to the July 2013 National Housing Survey by Fannie Mae. In addition, forty-percent of the people surveyed feel now is a good time to sell a home, this is up for 36 percent that felt that way the month before and matches the survey high since it’s inception.

SURVEY HIGHLIGHTS:

Continue Reading →

Will home prices decline further? Poll reveals only 12 percent of American’s think so

By Dennis Norman, on August 5th, 2013

The results of a recent Rasmussen poll clearly reveal that American’s confidence in the housing market as a whole, and their home’s specifically, is returning with only 12 percent (12%) answering yes to the question; “Will home prices decline further?”, according to the poll. This is down from 14 percent that felt home prices would drop in the prior survey in June and is the lowest percentage since Rasmussen began doing this poll in April 2009. Home prices are expected to rise in the next year by 34 percent of those polled and 51 percent expect home prices to remain Continue Reading →

St Louis Mortgage Interest Rates On The Rise But Still Historically Low

By Dennis Norman, on August 3rd, 2013

St Louis mortgage interest rates are on the rise and hitting levels we have not seen in the past year and a half and the 3.x percent rates we have become somewhat accustomed to are gone. However, before you panic or think the housing market is headed toward another crash as a result, you should keep in mind that todays rates (see below for current rates) of about 4.5 percent for a 30 year fixed rate mortgage is still lower than the average monthly mortgage interest was for more than 40 years proceeding 2012. Granted, looking back, 2012 was Continue Reading →

Home Sales Slip in June; Still Forecast to Rise

By Dennis Norman, on July 30th, 2013

The National Association of REALTORS (NAR) reported that it’s pending home sales index for June slipped to 110.9 from the six-year high it hit in May at 111.3 as home sales slowed as a result of increasing home prices and interest rates. Even though home sales declined in June, the index was still 10.9 percent higher than it was a year ago when it was at 100. It just so happens, “100” in the index equals sales activity during the year 2001, which was the first year for NAR’s pending home sales index. NAR’s forecast calls for existing home Continue Reading →

What St Louis Neighborhoods Are Seeing The Most Price Reductions By Sellers?

By Dennis Norman, on July 29th, 2013

I wrote about St Louis’ hottest real estate markets the other day however, just because we are seeing so many neighborhoods become seller’s markets, it does not necessarily mean that home prices are on the rise. In fact, in many neighborhoods large numbers of sellers are reducing their asking prices.

The table below shows the current list of St Louis neighborhoods with the highest percentage of listings that have had price reductions in the past 90 days. This table is “real-time” so will change as the data changes, but as of the writing of this article, there are 5 Continue Reading →

The Mortgage Interest Deduction…Truth vs Fiction

By Dennis Norman, on July 26th, 2013

The truth on the Mortgage Interest Deduction

Currently, lawmakers in Washington D.C., while looking for ways to “close loopholes” and cut spending, are looking hard at something once considered “untouchable”, the mortgage interest deduction (MID). While there is probably little chance of totally eliminating the ability for homeowners to deduct the mortgage interest they paid on their homes, there is a possibility the deduction could be altered significantly or capped, and, perhaps, even phased out over time.

Like most current events, there are stories out there with varying degrees of accuracy about the benefit of the mortgage interest deduction Continue Reading →

St Louis’ Most Expensive Housing Markets

By Dennis Norman, on July 18th, 2013

St Louis’ most expensive housing can be found in Ladue today where the median price of homes for sale, as of today, is $1,318,731, according to data compiled by MORE, REALTORS. Closely behind Ladue is Clayton, with a current median price of $1,149,788, then Town & Country at $897,308 and Des Peres (63122) at $864,169. As the chart below shows, all four areas have seen median home prices fall from their peak during the past year, but all four areas are still reporting home prices above where they were a year ago.

The list below shows the current median list Continue Reading →

St Louis Real Estate Home Prices and Sales Market Update VIDEO-July 2013

By Dennis Norman, on July 12th, 2013

St Louis Real Estate Home Prices On The Rise!

It’s still a seller’s market in St Louis, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

Continue Reading →

Get The “Fax” Before You Buy A Home

By Dennis Norman, on July 3rd, 2013

Yes, I know how to spell “facts” and am aware that “fax” machines have went the way of the dinosaurs and therefore would never advise someone to get one, so what exactly am I talking about in my post title? Actually, my recent discovery of a company that was launched in 2012 called Housefax prompted me to do this post, hence “fax”, however, I also mean to suggest that you should get all the “facts” you can (about the house and market) before you buy a home.

First, about Housefax. The company was launched last year and it’s top Continue Reading →

Will Home Prices Rise Much More In The Next Year?

By Dennis Norman, on June 28th, 2013

Over the past few months we have seen St Louis home prices rise as the inventory of homes declines and buyers snap up the best deals about as fast as they hit the market. The question now is, “will home prices rise much more in the next year” and, if so, will they continue at the current pace? Well, 70 percent the agents surveyed during the month of June by Redfin say they expect home prices to rise “a little” over the next 12 months and just 16 percent said they felt prices would rise “a lot” (down from 44 Continue Reading →

St Louis Housing Markets On The Rebound

By Dennis Norman, on June 24th, 2013

There are St Louis Housing markets on the rebound with prices and demand on the rise and inventories down. For the 9 areas of St Louis where the real estate market is on the rebound listed below, I have charts showing what home prices have done over the past 3 years (the red line) as well as what our Market Action Index is for the area (an index that rates an area based upon supply and demand – the Olive colored line). As the data shows, these markets are seeing home prices on the rise and the market heating up!

Continue Reading →

Now is the time to buy a home survey shows

By Dennis Norman, on June 21st, 2013

A survey by LendingTree reveals that now is the time to buy a home if you want to beat the coming higher home prices and interest rates. According to the survey of individuals that say they are considering buying a home in the coming year, 68% say they feel home prices will rise and 64% think interest rates will rise in the next 12 months.

Of the would-be home buyers surveyed, 57 percent are first-time home buyers and 45 percent said they are “actively” shopping for a home while the remaining 55 percent said they are “casual” shoppers.

Click here Continue Reading →

Are St Louis Home Price Gains Threatening Another Housing Bubble?

By Dennis Norman, on June 19th, 2013

It has only been recently that economists started using the word “recovery” in the same sentence as “housing market” and now there is talk about a possible housing bubble? CoreLogic, in it’s June MarketPulse report, citing a 12.1 percent increase in their home price index from April 2012 to April 2013 cautioned that the double-digit home price gains “prompt caution” and makes some ask “are we witnessing a new housing bubble?”

The CoreLogic report encompasses the largest metro areas in the U.S. so I decided to look at the St. Louis area specifically to see if what we are Continue Reading →

Three out of Four People Say Now Is The Time To Buy A Home

By Dennis Norman, on June 11th, 2013

Over three of every four people (76 percent) say now is a good time to buy a home according to the National Housing Survey for May just released by Fannie Mae. Would be sellers are also feeling better about the housing market with 40 percent saying now is a good time to sell a home.

When it comes to financing that home purchase, American’s are getting more optimistic as well, with 46 percent saying it would be easy to get a home loan today, however 50 percent believe it would be difficult to obtain a mortgage.

Thinking of Continue Reading →

St Louis Real Estate Home Prices and Sales Market Update VIDEO

By Dennis Norman, on June 10th, 2013

St Louis Real Estate Market Shows Strengthening in May!

The St Louis Real Estate Market remains in seller’s market territory this month, according to the latest market data from MORE, REALTORS. The inventory of homes for sale remains low while home sale and prices are increasing.

Thinking of selling and want to know if your neighborhood is a seller’s market? Contact us and we’ll answer that question for you.

This is not the market to be an uniformed participant in though or not have qualified, professional representation. This can lead to frustration as a buyer as you continue to “miss” Continue Reading →

Report Says St Louis Home Price Appreciation 2nd Worst of Major Metros; Lets take a closer look though

By Dennis Norman, on June 4th, 2013

St Louis was ranked number 2 on the list of “Lowest Performing Major Metro Markets” just released by Clear Capital. The Clear Capital report listed the top 15 performing housing markets in the U.S. as well as the 15 worst performing housing markets in the U.S. during the month of May 2013, based upon home price appreciation on a quarter over quarter basis. At the top of the list of top performing markets is Las Vegas with a 4.5 percent increase in home prices from the prior quarter and a staggering 27 percent increase over the past year. In Continue Reading →

Survey Shows Homebuyers Accepting Reality of Higher Home Prices As Result of Sellers Market

By Dennis Norman, on May 28th, 2013

A survey just conducted by Redfin of recent homebuyers shows that homebuyers are accepting the fact that they must pay higher prices as a result of being in a sellers market.

Here in St Louis we are seeing this with homes selling, as the chart shows below. for a higher percentage of the list price and in shorter time.

Over 1 in 4 St Louis Homeowners With A Mortgage Are Underwater

By Dennis Norman, on May 23rd, 2013

Slightly over 1 of every 4 (26.4 percent) St Louis homeowners with a mortgage are underwater or, in other words, in a negative equity position owing more on their mortgage than their home is currently worth, according to a report by Zillow. This is slightly higher than the national rate of 25.4 percent and, unfortunately, is predicted by Zillow to increase in the coming months to about 26.7 percent by January 2014.

In addition to the St Louis homeowners that are underwater, the report indicates that another 20.7 percent of the St Louis homeowners with a mortgage have less than Continue Reading →