The St. Louis Real Estate Market continues to show some strength and appears to generally be headed toward recovery, albeit a long slow one. 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 October 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 →
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The National Association of Home Builders (NAHB) released their “Improving Housing Markets Index” for December and I was happy to see St. Louis as a new addition to the list this month! St. Louis was one of 83 new metro areas added to the improving housing markets list from the prior month bringing the total to 201 metro areas as of this month (7 metros were dropped from the month before.) Continue Reading → According to Lawrence Yun, Chief Economist for the National Association of Realtors, home prices nationally are up 11.1% in October compared to this point last year. The number of homes available for sale nationally fell reducing the available supply to a level below that of one year ago. The result is tighter supply of homes helping boost the national median existing-home price level to $178,600 in October; price increases have helped home owners regain equity lost during the housing crisis.
Today, during a presentation addressing the impact of President Obama’s re-election on the housing market by leaders of the National Association of Home Builders (NAHB), David Crowe, PhD., Chief Economist of NAHB, said there is a “fragile” recovery occurring in the housing market and that it could be “affected both directions by the recent election results”. Crowe went on to say that (with regard to the new home market) there has been “no consistent national trend for some time” as the recovery has been from “relatively small and disparate” locations for about a year now and the reason the national numbers are now reflecting this activity is due to the number of these improving small markets increasing significantly. Continue Reading → While it does appear the St Louis real estate market has hit bottom and begun to slowly make some headway to a recovery it is clearly not going to be without some bumps in the road along the way. One of those bumps appears to be home prices as, according to a report just released by Fiserv indicates, St Louis home prices are projected to fall 2.7 percent by next summer. Continue Reading → I’m sure I’m not the only person in St. Louis that has thought about what it would be like to move to New York, Los Angeles or even Paris or Madrid. If you are another dreamer like me, you will enjoy the widget below that will let you see what your money will buy you in terms of housing (gas, a movie, McDonalds combo meal and a few other things as well) in 30+ international destinations. Continue Reading → This morning, the Commerce Department released its new home construction report showing that, on a national basis, all aspects of new home construction, permits, starts and completions, are up double digits in October 2012 from the year before. The Home Builders Association’s new home report shows similar results in St. Louis as well with permits in St. Louis county up almost 24 percent in October from a year before, a 44 percent increase in St. Charles County and modest decreases in Jefferson County and Franklin County. Continue Reading → The St. Louis Real Estate market (the 5-county core St Louis Real Estate area I’m showing which includes the City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin) saw home prices fall slightly (1.1 percent) in October from September to a median price of $120,000 which is an increase of 4.4 percent from a year ago. St Louis home sales, on the other hand, rose in October 6.6 percent from the month before to 2,607 homes, an increase of 18.9 percent from a year ago. If you would like to receive a free copy of the NAR home sales report please click here for immediate access. Continue Reading → Lawrence Yun, chief economist of the National Association of Realtors (NAR), while speaking at the NAR convention in Orlando gave a pretty optimistic outlook for the housing market. Yun said he expects to see home prices rise cumulatively 15 percent over the next three years, home sales increase over 20 percent during the same period and new home sales to increase over 90 percent from 2011 to the beginning of 2014. Yun did add a caveat to his optimism saying these things assumed there would be no further limitations on the availability of mortgage credit or a “fiscal cliff”. At this point I don’t know that I would be betting against a fiscal cliff, so I guess we will just have to wait and see. Continue Reading → Corelogic released a report today showing that U.S. home prices in September were 5 percent higher than a year ago and that St. Louis home prices were up 0.3 percent during the same period. Corelogic’s data is based upon their home price index and sold prices so I decided to take a look at some real-time data for the market based upon asking prices and found that, as the chart below shows, St Louis home prices increased 2.3 percent from September 2011 to September 2012. Continue Reading → Today, RealtyTrac released “Election 2012 Housing Health Check” in which it looked at how the real estate market, as a whole, has done during the Obama administration, and then broke it down to the county level for over 900 U.S. counties. While the housing market has not been the topic of much discussion by President Obama nor Presidential hopeful Romney in the debates, they have both had their say. Obama recently drew attention to the fact that foreclosure activity dropped to a five-year low and has also recently said “housing has begun to rise”, ostensibly taking some credit for both and, last month, Romney released a white paper with his plan to “end the housing crisis” which he say, in part, is “Obama’s failure”.(click here for a copy of the Romney White Paper as well as the complete RealtyTrac Report) Continue Reading → If the last time you looked at your mortgage was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities. Continue Reading → The National Association of REALTORS® (NAR) announced this morning that U.S. existing home sales, and prices, slipped slightly in September, falling 1.7 percent from the month before however were up 11 and 11.3 percent, respectively, from the year before. The St. Louis Real Estate market, as the charts below show, we see slightly different data, at least for the 5-county core St Louis Real Estate area I’m showing (the City of St Louis and the Counties of St Louis, St Charles, Jefferson and Franklin). In this core area, which makes up the bulk of the Saint Louis real estate market, home prices fell 7.6 percent in September, from the month before, to a median price of $121,884 and home sales slid over 20 percent to 2,428 homes sold in September, down from 3,045 in August. Continue Reading → St. Louis home prices are on the rise as all signs continue to point toward a recovery for the St. Louis real estate market! The table below shows the change in the median list prices from a year ago for the 25 St. Louis area zip codes with the highest increases. Now, before people that live in some of the top zip codes on the list get too excited, remember, this does not mean that the actual value of a home rose by the percentage indicated, it just means the median list price has which could be the result of higher priced homes hitting the market. Having said that, the trend of list prices, along with other related data on the St Louis real estate market I’m seeing, is still a positive sign and a strong indicator of better times ahead for the St Louis real estate market. Continue Reading → According to the “Residential Price IndexTM” from FNC, home prices in the 100 largest metro areas in the U.S. reached a 20 month high in August 2012. Even better, St. Louis ranked number 7 on the list for home price increases in the past year and number 8 for the increase in home prices in the past month. In terms of year to date increase in home prices, St. Louis home prices have increased 4.4 percent, according to the report, which makes St. Louis 19th in the nation in terms of YTD home price increases. Continue Reading → REALTORS® surveyed by the National Association of REALTORS® (NAR), say that low valuations on appraisals are causing their seller’s problems ranging from delaying the sale to renegotiating the price to even killing the deal. Of the REALTORS® that responded, 11 percent say a low valuation on an appraisal cost their seller a sale in the past 3 months, 9 percent said it caused a delay to a sale and 15 percent said a low appraisal resulted in the seller having to renegotiate and agree to a lower price. Shadow inventory, one of the “culprits” that eats away at the housing market and puts downward pressure on home prices, fell to 2.3 million homes in July 2012, down 10.2 percent from July 2011. This works out to a six month supply of shadow inventor and is roughly the same as things stood back in March 2009. Shadow inventory consists of properties with seriously delinquent mortgages (90+ days delinquent), in the foreclosure process or owned by a lender but not listed for sale in the MLS. In other words, shadow inventory is a glimpse of things to come in terms of distressed sales therefore when we see declines in the numbers like this, it is encouraging and yet another sign that a recovery of the housing market may be on the way. Continue Reading → The St. Louis Real Estate Market is showing signs of strengthening and even recovery in many of the neighborhoods throughout St. Louis. 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 October 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 Continue Reading → The inforgraphics below from BankForeclosuresSale.com do a great job of illustrating the boom and bust of the housing market as well as show the relationship, and impact, of home prices, inflation and income on the housing market. The good news is, it appears the worst is over and, according to Simon Campbell, a Senior Business Analyst with BankForeclosuresSale.com, “all signs point to increasing demand for housing.” (Can I have an Amen please?). If you are considering buying your first home you may very well be asking yourself if now is the time, have prices bottomed out and trying to weigh the risks of buying a home versus the rewards. Well, if this is the case, allow me to give you some things to put on the “rewards” side of the equation…. For starters, with mortgage rates at historic lows, your monthly mortgage payment in most cases should be much lower than what you are currently paying in rent! Remember this…”Your Landlord says Hi…& Thanks You for Paying His Mortgage.” Also, we have seen flexibility from sellers on negotiations and most are helping in paying for the buyers closings costs…so that just leaves the down-payment! Continue Reading → If 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. Continue Reading → St. Louis home sales (the 5 county core market*) in August increased 2.4 percent from the month before and were up over 13 percent from a year ago, following the trend in U.S. home sales as reported today in the existing home sales report from the National Association of REALTORS®. According to the report, U.S. home sales in August increased 7.8 percent from July and were up 9.3 percent from the year before. St. Louis home prices rose 2.7 percent in August from the month before and were up 6.8 percent from the year before falling a little short of U.S. home prices which increased 9.5 percent in August from the year before but still showing positive signs of recovery for the St. Louis housing market. Continue Reading → Maybe you’re a seller that has found yourself faced with the reality that you can’t sell your house or condo for a price today that will yield enough to pay off your loan, and you are not a candidate for, or don’t want to do, a short-sale? Or, maybe you are a seller with a house or condo that, for one reason or another, there is very limited demand for and, in fact, it seems that perhaps no one wants to buy what you have to sell? If so, maybe someone suggested, or you have considered, using a lease/option or a lease purchase to sell your home? After-all, there is a large demand for lease-options and lease-purchases by buyers but, you are just not sure if it is right for you? Continue Reading → As of the end of the second quarter of this year, there are 90,937 underwater St Louis homeowners, a slight increase from the prior quarter when there were 90,196 underwater St Louis homeowners and a decrease of almost 9 percent (8.8 percent) from the 2nd quarter of 2011 when St Louis underwater homeowners numbered almost 100,000 (99,792). One is said to be “underwater” on their mortgage when they owe more on their mortgage than their home is currently worth, which is also referred to as having “negative equity”. Continue Reading → St. Louis Home Prices are showing signs of stabilizing and the inventory of homes for sale in St. Louis has declined to the lowest period we’ve seen in a while, both of which are signs of good things to come for the St Louis real estate market. Find out more, and get the latest St Louis real estate stats and market data in my video update below for September on the St Louis real estate market. Continue Reading → This week the National Association of REALTORS (NAR) published a report which showed selling a home was taking less time with the median time a home for sale dropping in July to 69 days, down over 29 percent from a year ago when the median time on the market was 98 days. St. Louis homes are taking less time to sell as well and, as you can see from the tables below I prepared, many St Louis areas have a lower median time on the market for homes for sale than the national median. The inventory of St. Louis homes for sale is dropping as well…does this impact price? Read on.. Continue Reading → A report was just published by RadarLogic which said that, even though home prices in the 25 cities covered by their RPX composite index appeared to have increased in the past year, that this was the result of a large decline in the number of distressed sales at bargain prices and not an increase in home prices. Continue Reading → Since the appraised value of home is a key element when considering a purchase or refinance, the following are the top four most common questions about appraisals asked by sellers: Continue Reading → Over the past few months I have talked a lot about whether St Louis home prices have hit bottom yet and, in an article about 3 months ago said it appeared they bottomed out last year. When writing on the topic have stressed that, by the time we see solid proof of the bottom we will be past it and home prices will already be on the rise. Today’s pending home sales from the National Association of REALTORS (NAR) supports this notion and shows signs that increasing demand and decreasing supply is putting a damper on the rate of recovery of home sales and will also lead to higher home prices. Yesterday I wrote about home prices in the U.S. increasing 6.9 percent in the 2nd quarter (according to the Case-Shiller index) and increasing over 5 percent during the same period here in St. Louis. Continue Reading → The S&P/Case-Shiller report was published today showing that U.S. home prices increased 6.9 percent in the 2nd quarter of 2012 from the quarter before. That’s great, but St. Louis is not included in their 10 nor 20 city index so it doesn’t tell us how we are doing here in St. Louis. Fortunately we have the market data available to see how St. Louis stacks up and, I’m happy to say (as the chart below shows), St. Louis home prices, with a 5.2 percent increase from the 1st quarter of 2012 to the 2nd quarter, is only running a little behind the national average! Continue Reading → |
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