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St. Louis home prices rose 8 percent, on a year over year basis, from March 2012 to March 2013, according to new released data from MORE, REALTORS. In March 2012, the median St Louis home price (for the 5-county “core” area) was $111,000 and in March 2013 the median St Louis home price was $119,900. On a national level, metro area home prices in the first quarter of 2013 rose 11.3 percent from a year ago. The St Louis Housing Market was delivered a blow by a Clear Capital report just released ranking the performance of the housing market in St Louis as the 7th worst of the major metro areas in the U.S. According to the report, St Louis home prices dropped 0.3 percent in the past quarter and declined 1.0 percent from a year ago, that, coupled with the fact that REO’s (foreclosed property owned by banks) makes up 1/3 of the St Louis market, put us at 7th on the “bad” list. At the top of the “good” list was Las Vegas with Continue Reading → Tyler Frank,Paramount MortgageNMLS ID 942420 “The (real estate) recovery has been much more like the tortoise than the hare,” said Stephen Blank, a senior resident fellow of the Washington-based Urban Land Institute. “We’ve become used to slow relief. But we have finally turned the corner.” Real estate markets on both coasts in places like; New York, San Francisco, Los Angeles and Boston were the first to emerge from recession and will pick up their pace of recovery through 2013, said Blank, a principal researcher for Emerging Trends. He was the main speaker at the annual outlook presented by Continue Reading → St. Louis is the 4th best place in the U.S. for investors to buy property, based upon a recent report by Radar Logic. In compiling the list of cities, Radar Logic examined where institutional investors (i.e., corporations, LLC’s, partnerships and trusts) were buying property and how big of discounts they were receiving compared to other home sales in that area. The Top 10 Markets For Investors Based Upon Discounted Home Prices: Continue Reading → St Louis Home Sales Up Over 11 Percent In March St Louis home sales rose in March to 2,729 homes sold in the five-county St Louis core area (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) which is an increase of 11.3 percent from March 2012 when there were 2,451 homes sold. St Louis home prices rose 3.7 percent in March to an average sales price of $146,146 from $140,904 a year ago. On a national level, the Pending Home Sales Index from the National Association of REALTORS (NAR) was at 105.7 for March, Continue Reading → New home sales continued the upward trend in March with new homes in the US selling at a seasonally-adjusted annual rate of 417,000 homes, an increase of 1.5 percent from the month before and an 18.5 percent increase from a year ago, according to the US Census Bureau and HUD. New home sale prices declined in March to a median price of $247,000, down 6.7 percent from February’s median new home price of $264,900 but up 3 percent from a year ago when the median new home sales price was $239,800. The inventory of new homes for sale remained steady Continue Reading → St Louis Home sales rose in March to 2,397 homes sold, up from 1,817 homes sold in February and up 11.7 percent from a year ago when there were 2,145 homes sold. St Louis’ year-over-year increase in home sales in March actually topped the increase in US home sales for the month which rose 10.3 percent from the year before. FICO Survey Shows Bankers Are More Optimistic About Housing Market Most bankers surveyed (83.7 percent) in FICO’s first quarter 2013 survey, said they felt mortgage delinquencies would decline, or at worst stay the same, during the next 6 months. Additionally, 70.8 percent of the bankers feel home prices are rising at a sustainable pace. Tyler Frank,Paramount MortgageNMLS ID 942420 Home Prices Nationwide Shooting Up Faster Than Anyone Thought Possible Not Long Ago The US housing market has broken out of a deep slump, and prices are shooting up faster than anyone thought possible a year ago. Prices of existing homes rose 10% in February nationally from a year ago. What is causing this increase? “Nationwide, we’re not in a bubble,” says Glenn Kelman, CEO of online real estate company Redfin, however Washington D.C., Los Angeles, San Francisco and San Diego may be headed that direction, according to Redfin’s data. Redfin is not in St Louis so our city was not on their list but in the coming weeks I plan to do an analysis of the St Louis market in the same manner they did of other markets and will publish what I find at that time. In the meantime, here’s the info from Redfin. St Louis Real Estate Market Turns Into Seller’s Market! The St Louis Real Estate Market has become a seller’s market, according to the latest market data from MORE, REALTORS. The inventory of homes for sale is on the decline while buying activity is up which makes for a competitive market for buyers. 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. To get the latest St Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Data, check out our 5-minute Continue Reading → Barely over 3 month supply of homes for sale in St Louis Home sales in the U.S. fell slightly in February from the month before, according to the National Association of REALTORS’ pending home sales index. The index slid to 104.8* in February from 105.2 in January however was still 8.4 percent higher than a year ago and at the second highest level in nearly three-year. Lawrence Yun, chief economist for NAR, said “limited inventory is holding back the market in many areas” and that “only new home construction can genuinely help relieve the inventory shortage…” As the Continue Reading → New Home Sales In Midwest Outperform The National Market! New home sales in the Midwest were at an adjusted annual rate of 58,000 homes in February, an increase of 13.7 percent from January’s rate of 51,000 homes, according to data released this morning by the Census Bureau. The Midwest was the only region in February with an increase in new home sales from January and the Midwest and West region were the only two regions with an increase in new home sales from a year ago. New home sale prices rose in February to $246,800 from $239,600 the month before, Continue Reading → St. Louis Real Estate Market Gaining Steam! The St. Louis Real Estate Market is getting close to becoming a seller’s market in many neighborhoods. The inventory of St Louis homes for sale is down from a year ago while sales are increasing paving the way for what could be a somewhat robust selling market this spring. 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. To get the latest St Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Continue Reading → Real estate professionals are definitely showing more confidence in the housing market today, with over eighty percent (84 percent) of them thinking that 2013 will bring more home sales and higher prices than 2012, according to the results of a survey by Market Leader (FWIW I agree). This represents a 28 percent increase in confidence in the market from a year ago when a similar survey was conducted. Continue Reading → St. Louis car dealer Bommarito Auto Group’s tag line is “where price sells cars”….well, according to the results of a newly released survey, I think the same is true about the current real estate market…it’s “where price sells homes”. The number one reason given for choosing the home purchased by first-time home buyers was price, according to the recently released 2011 American Housing Survey (AHS) by the National Association of Home Builders (NAHB). Thirty-eight (38) percent of first-time home buyers said price was their key concern, followed by thirty (30) percent who gave proximity to work as their chief concern. Continue Reading → The St. Louis Real Estate Market is heating up in many areas and, in fact, some neighborhoods are beginning to take on the appearance of a seller’s market. A decline in the inventory of homes for sale along with some increased demand is helping spark life into many markets…I show the impact on two of these markets in this months video but we can easily show you how your neighborhood is doing as well. Or, if you are trying to decide if not is the time to buy, contact us and we’ll help you answer that question and see specifically what areas are the best for buyers at this time. Continue Reading → Forty-one percent of the respondents to the Fannie Mae National Housing Survey for January 2013 said they expect home prices to rise in the next 12 months which is down slightly from 43 percent last month but up significantly from a year ago when only 30 percent felt home prices would rise. Continue Reading → New home sales activity slowed at the end of 2012 with new homes selling in December at a seasonally adjusted rate of 369,000, a decline of 7.3 percent from the month before but an increase of 8.8 percent from December 2011, according to the December 2012 new home sales report from the Commerce Department. This means 2012 ended with an increase of almost 20 percent in new home sales from 2011 when there were just 306,000 new homes sold. Also on a positive note, the median price of new homes increased from $218,600 in December 2011 to $248,900 in December 2012 while, during the same period, the inventory of new homes for sale in the U.S. declined from a 5.4 month supply to 4.9 months. Continue Reading → The number of homeowners with an intent to sell that think now is a good time to sell, increased almost 50 percent in the Redfin survey that was just released today from the prior survey three months ago. Today, 22 percent of the homeowners surveyed said now was a good time to sell, up from 15 percent in the prior quarter. Eighty-one percent (81%) of those surveyed feel home prices will rise in the coming year and that is up from 75 percent in the prior quarter. Continue Reading → Rising home prices helped 100,000 homeowners in the U.S. crawl out of a negative equity position during the 3rd quarter of 2012, according to a report just released by CoreLogic®. During the first nine months of 2012, there were a total of 1.4 million homeowners that found themselves moving from a negative equity position on their homes to a positive equity position. In spite of this vast improvement, twenty two percent of homeowners in the U.S. with a mortgage owe more on their homes than they are currently worth. Continue Reading → The St. Louis Real Estate Market is still dealing with the effects of foreclosures and other distressed sales but continues to show some improvement, and even what I would describe as a sustained recovery in some neighborhoods though certainly not all. To get the latest St. Louis Real Estate Stats and the latest, best and most comprehensive St Louis Real Estate Data, check out our 5-minute video update below for January for the St Louis real estate market. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market is and where it is headed. (Check out all our market update videos on our YouTube Channel – click here. Continue Reading → A report released today by Radarlogic suggests that the housing market is not really recovering as much as it may appear, particularly with regard to home prices. The report says that, the 9.2 percent increase they saw in their home price index for the 12 month period ended November 30, 2012 was the result of a “significant shift in the composition of home sales and overstates the appreciation in individual properties.” The report goes on to say if motivated sales (REO’s, foreclosures, short-sales) are removed from the data, then the “real” increase in home prices was just over half of what their index showed. Continue Reading → On a national real estate site I write for I did an article earlier today about a report that came out indicating the inventory of homes for sale in 35 major metro markets had dropped by 27 percent in the past year while the price per foot of those homes increased about 10 percent. This prompted me to take a look at the St. Louis market to see how it did in comparison and, as the chart below shows, St. Louis has seen a different result with the inventory of homes for sale increasing somewhat in the past year while home prices (on a per square foot basis) remained relatively flat. In January 2012, there were 13,304 homes for sale in the St Louis metro area and today there are 13,758, an increase of 3.4 percent. St Louis metro area home prices per foot are at $95.97 today and were at $95.86 a year ago. Continue Reading → I don’t know that “hot” comes to mind when I think about any St Louis real estate market today, however, relative to the rest of the market, I think I can identify some St. Louis real estate markets that I feel are poised to perform better in 2013 than other St Louis markets. Below are my charts showing some key market data for the top markets. Included in my data are 4 pieces of information that I think are key to determining the health of a local real estate market: Home prices – I show what prices have done over Continue Reading → A panel of 105 professional economic forecasters from all around the country expect home prices to increase 3.1 percent in 2013, according to the December 2012 Zillow Home Price Expectations Survey. Forecasters are more optimistic about home prices than they were just three months earlier when they predicted 2013 home prices would only increase by 2.4 percent. Continue Reading → Lately we have seen several reports on the housing market that show the housing market is improving and may even be headed toward a recovery however some experts, including Cliff Rossi, Tyser Teaching Fellow and executive-in-residence for the University of Maryland’s Robert H. Smith School of Business, say it may be premature to call this a “real recovery.” Rossi is not entirely negative on the housing market and does admit that home prices are stabilizing and inventories are declining, however he has concerns as a result of the “fiscal cliff”, regulatory reform and tightness of credit, to name a few. Continue Reading → The National Association of REALTORS® (NAR) announced this morning that U.S. existing home sales increased in November 5.9 percent from the month before and 14.5 percent from the year before. The NAR report indicated the median home price in the U.S. in November was $180,600, an increase of 10.1 percent from a year ago. The St. Louis Real Estate market (the 5-county core St Louis Real Estate area (City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin), as my chart below shows, saw home prices rise slightly in November from October to a median price of $122,000 which is an increase of 7.5 percent from a year ago. St Louis home sales in November on the other hand declined slightly from the month before to 2,523 homes but was up 19.6 percent from a year ago Continue Reading → In a vote of confidence for an improving real estate market, seventy-one percent of homebuyers surveyed by Redfin said they are expecting house prices to increase during the coming year in their neighborhood. Additionally, the survey showed that over half (59 percent) of homebuyers are concerned about the lack of inventory of homes for sale. Here in St. Louis, as the table below shows, we have over 25 zip codes that have a 3 month, or less, supply of homes for sale which is making it more of a challenge for home buyers to find a home they like and supports rising home prices so, if you are one of those home buyers waiting for the “right time to buy”, I wouldn’t wait any longer if I were you. Continue Reading → I continue to see encouraging news about the housing market and today was no exception. The Freddie Mac housing market outlook for December was released and included a very encouraging outlook for the real estate market in 2013 by its chief economist, Frank Nothaft. Not that I’m on the same level as Northaft, but I will be coming out later this month with a short market recap video for 2012 as well as an outlook for 2013, both specifically for the St Louis real estate market. In the meantime, below are the highlights from Mr Nothaft’s projections for the U.S. Continue Reading → |
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