St Louis Area Home Prices Have Surpassed 2006 Peak Prices

The median price of homes sold in St Louis (the 5-county core market) this year thus far has been $169,000, an increase of 5.7 percent from when the market peaked in 2006 at $159,900.  While the peak of the housing bubble is considered to be 2006, as the chart below shows, St Louis home prices actually peaked in 2007 at $162,000 but, in either event, St Louis home prices have regained what was lost when the housing bubble burst and then some.

This is in contrast to what is happening at the national level with regard to home prices as evidenced by comments made by two of the top economists as teh National Association of Real Estate Editors (NAREE) conference last week.  At the conference, Lawrence Yun, Chief Economist for the National Association of Realtors (NAR) said he “anticipates home prices will return to their 2006 peak sometime this year” and Frank Nothaft, Chief Economist for Corelogic (and formerly for Freddie Mac) predicted home prices nationally would not return to 2006 levels until the end of 2017.

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St Louis Area Home Prices Rose Just Over 2 Percent in Past Year

St. Louis area home prices (the five county “core” market consisting of St Louis city and the counties of St Louis, St Charles, Franklin and Jefferson) increased 2.2% from April 2013 to April 2014.  The median home sales price in April 2013 for the 5 county core St Louis housing market was $139,900 and in April 2014 the median sales price was $143,000.

When we drill down to the county level, as the table below shows, the city of St Louis fared the best in the past year with the median sales price of homes increasing 32.62% and Franklin County was at the opposite end of the spectrum with home prices falling almost 3%.

For complete St Louis real estate market data and stats please visit StLouisRealEstateSearch.com/st-louis-real-estate-market-stats/

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