St. Louis New Home Buyers: Why Partnering with a Real Estate Agent Matters

When considering the purchase of a new construction home in the St. Louis Metro area, it’s crucial to have a professional real estate agent on your side from the very beginning. Here’s why you shouldn’t work directly with the builder and the benefits of engaging an agent with extensive knowledge and experience in new home construction.

Why Not Work Directly with the Builder?

Builders often have sales agents on-site who are well-versed in their product, but these representatives work for the builder. Their primary goal is to protect the best interests of the builder, not to advocate for the best interests of the buyer. This means that they are focused on achieving the highest possible profit margins for the builder, which might not align with what is best for you as the buyer.

Without your own agent, you lack proper representation in negotiations and throughout the home-buying process. An experienced real estate agent can help you navigate the complexities of builder contracts, which often include terms that heavily favor the builder. Moreover, a buyer’s agent can negotiate upgrades, prices, and other terms more effectively, ensuring that you get the best possible deal and that your interests are protected from start to finish.

Engage an Agent Early

It’s vital to engage a real estate agent before you even visit the first builder display. Many builders have policies that may exclude paying a buyer’s agent if they were not present on your first visit, which could cost you money. By involving your agent from the outset, you ensure that you are fully represented in all interactions with the builder and their representatives. This can also prevent any potential misunderstandings and maximize the value you get from your investment. Additionally, having your agent involved early means they can help you evaluate different builders and communities, identify potential red flags, and provide valuable insights on the best options available, ensuring you make an informed decision from the very beginning.

Expertise in New Home Construction

Choosing an agent with in-depth knowledge and experience in new home construction can make a significant difference. Such agents are familiar with the construction quality, builder reputations, and the intricacies of new home warranties. They can provide valuable insights into the various options and upgrades available, helping you make informed decisions that add long-term value to your home. Additionally, they can offer an “apples-to-apples” comparison between builders and ensure you are aware of any future developments that might affect your new neighborhood. This expertise allows the agent to foresee potential issues and advocate for your best interests effectively, making the entire process smoother and more secure for you as a buyer.

Why Choose MORE, REALTORS?

At MORE, REALTORS, we have a team of agents with extensive experience and knowledge in selling new homes and building custom homes. Our experts are equipped to guide you through every step of the process, ensuring a smooth and beneficial home-buying experience. With a deep understanding of the local market and strong relationships with builders, we are committed to helping you make informed decisions and secure the best possible outcome for your new home purchase.


  

 

 

 

Three Counties In The St Louis Area Experience Double Digit Growth in Building Permits

During the 12-month period ending March 31, 2024, a total of 4,070 building permits were issued for new single-family homes in the St. Louis area, marking a 3.83% increase from the previous 12 months, which recorded 3,920 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced a decline in permits. The City of St. Louis saw the largest decrease, with a 13.31% drop. Conversely, the three counties that experienced an increase in building permits all reported double-digit growth

  

St Louis New Home Building Permits – March 2024

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - March 2024

 

St Louis Area New Home Building Permits Decline In All Counties Except St Charles

During the 12-month period ending February 29, 2024, there were 3,993 building permits issued for new single-family homes in the St. Louis area. This figure marks a 4.29% decrease from the previous 12-month period, which saw 4,172 permits issued, as per the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). The downturn was observed in all counties except St Charles County, with three of them experiencing double-digit declines.

  

St Louis New Home Building Permits – February 2024

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - February 2024

 

St Louis New Home Constructions Begins 2024 Down From a Year Ago

In the 12-month period ended January 31, 2024 the St. Louis area saw the issuance of 3,996 building permits for new single-family homes. This represents a decline of 3.64% compared to the previous 12-month period, which had 4,147 permits, according to the latest figures from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). This downward trend was noted across all counties with the exception of St. Charles County, with two counties reporting double-digit decreases.


  

St Louis New Home Building Permits – January 2024

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - January 2024

 

Smaller, Personalized Homes Dominate 2024 Trends: Insights from NAHB Study

The dynamics of the new home market are shifting significantly as we advance into 2024, with a clear trend towards smaller, more personalized living spaces emerging nationwide. This evolution reflects a broader change in homeowner preferences and market conditions, according to the latest “What Home Buyers Really Want” study by the National Association of Home Builders (NAHB).

Recent data points to a decline in the average size of new homes, continuing a trend that began following a brief uptick in 2021. The average new home size has decreased to 2,411 square feet in 2023, marking the smallest average size in over a decade. This reduction aligns with homebuyers’ preferences, which have also shifted towards more compact living spaces. Today, the desired home size is around 2,070 square feet, significantly less than the 2,260 square feet preferred two decades ago.

Rose Quint, NAHB’s assistant vice president of survey research, identifies two main factors driving this trend: a change in homebuyer preferences and the escalating challenge of housing affordability. In response, builders are adapting their strategies, with 38% reporting a shift towards constructing smaller homes in 2023 to facilitate sales, and 26% planning to continue this approach into 2024. Efforts to address affordability concerns have led to reductions in median new home prices to $427,400 in 2023, a 7 percentage point drop from the previous year and the most significant decrease since 2009.

Beyond size, homebuyers are increasingly seeking personalized and authentic living spaces. Donald Ruthroff, AIA, of Design Story Spaces LLC, highlights a growing demand for customization, with homeowners desiring unique features that set their homes apart. This trend towards personalization is evident in the choice of home upgrades, from custom kitchen islands to premium flooring options.

The study also reveals that homebuyers’ priorities have evolved, with a focus on outdoor living, kitchen functionality, and energy efficiency. Top desired features include laundry rooms, patios, Energy Star windows, and smart home technology, such as security cameras and programmable thermostats. Additionally, preferences have expanded to include quartz countertops, outdoor kitchens, and built-in seating, underscoring a shift towards both practicality and luxury in home design.

As we move through 2024, the shift towards smaller, more personalized homes is reshaping the real estate landscape. This trend, driven by changing preferences and affordability challenges, highlights the importance of staying informed about market dynamics for both homebuyers and builders and you’re in the right place now to do that, St Louis Real Estate News.


  

 

Despite High Demand and Low Inventory, St. Louis New Home Permits Hit Nine-Year Low in 2023

In 2023, the St. Louis area saw the issuance of 3,891 building permits for new single-family homes. This represents a decline of 10.78% compared to the previous year, which had 4,361 permits, according to the latest figures from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). This downward trend was noted across all counties with the exception of St. Charles County, where five counties reported double-digit decreases. Additionally, Warren County, which had been on a four-month streak of increased permit activity, experienced a slight drop this month. The total of 3,891 permits in 2023 is the lowest the St. Louis area has seen since 2014, when 3,843 permits were issued. Furthermore, this total is nearly 17% below the 20-year average of 4,680 permits annually and 11% below the 20-year median of 4,375 permits.


  

St Louis New Home Building Permits – December 2023

(click on table below for page with live charts showing additional permit data)

 

New Single-Family Home Permits Dip by 14.71% in St. Louis Area; Warren County Bucks the Trend

During the 12-month period ending November 30, 2023, there were 3,932 building permits issued for new single-family homes in the St. Louis area. This figure marks a 14.71% decrease from the previous 12-month period, which saw 4,515 permits issued, as per the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA). The downturn was observed in all counties except Warren County, with five of them experiencing double-digit declines. Warren County notably reported an increase in building permits for the fourth consecutive month.


  

St Louis New Home Building Permits – November 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - November 2023

 

Majority of St. Louis Counties Experience Drop in New Home Building Permits

There were 3,932 building permits issued for new single-family homes in the St Louis area during the 12-month period ended October 31, 2023.  This represents a decline of 12.60% from the prior 12-month period, during which 4,499 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).  Five of the seven counties covered in the report saw a decline in building permits from the previous period with 4 of them seeing double digit declines.  Warren County, on the other hand, saw a slight increase in permit activity for the third month in a row.


  

St Louis New Home Building Permits – October 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - October 2023

 

Nearly All St Louis Counties Continue Downward Trend in New Home Building Permits

There were 3,905 building permits issued for new single-family homes in the St Louis area during the 12-month period ended September 30, 2023.  This represents a decline of 13.20% from the prior 12-month period, during which 4,499 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).  Six of the seven counties covered in the report saw a decline in building permits from the previous period with 4 of them seeing double digit declines.  Warren County, on the other hand, saw a slight increase in permit activity for the second month in a row.

  

St Louis New Home Building Permits – September 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - September 2023

 

New Class Action Lawsuit Targets Major Real Estate Players Following Sitzer Verdict

In a remarkable turn of events, just minutes after the jury sided with the homeseller-plaintiffs in the landmark Sitzer | Burnett trial, attorney Michael Ketchmark wasted no time in launching another legal salvo against the real estate industry. This new class action lawsuit, filed on behalf of three new homesellers, aims to further scrutinize the practices surrounding agent commissions.

The Defendants

This new lawsuit expands the list of defendants to include: Compass, eXp World Holdings, Redfin, Weichert Realtors, United Real Estate, Howard Hanna, and Douglas Elliman. Notably, the National Association of Realtors is once again named as a defendant, marking its continued entanglement in legal challenges related to commission structures.

The Allegations

The plaintiffs in this new case echo the grievances aired in the Sitzer | Burnett lawsuit, claiming they have been adversely affected by a “real estate industry conspiracy” that artificially inflates agent commissions. The suit alleges that this practice has a cascading effect, ultimately driving up costs for homesellers.

Legal Venue

The lawsuit has been filed in the United States District Court for the Western District of Missouri, the same jurisdiction that recently saw the Sitzer | Burnett plaintiffs awarded $1.785 billion in damages.

What This Means for the Industry

The filing of this new lawsuit so swiftly on the heels of the Sitzer | Burnett verdict could signal a wave of legal challenges aimed at traditional real estate commission models. Industry stakeholders will undoubtedly be watching closely as this new case unfolds, given its potential to further disrupt established practices and financial structures within the real estate market.

St Louis New Home Building Permits For The Past 12-Months Decline in all Counties Except Warren

There were 3,946 building permits issued for new single-family homes in the St Louis area during the 12-month period ended August 31, 2023.  This represents a decline of 12.04% from the prior 12-month period, during which 4,486 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).  Six of the seven counties covered in the report saw a decline in building permits from the previous period with 4 of them seeing double digit declines.  Warren County, on the other hand, saw a slight increase in permit activity.


  

St Louis New Home Building Permits – August 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - August 2023

 

St Louis New Home Building Permits For The Past 12-Months Decline in all Counties Again

There were 3,950 building permits issued for new single-family homes in the St Louis area during the 12-month period ended July 31, 2023.  This represents a decrease of 13.38% from the prior 12-month period, during which 4,560 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   All seven of the counties covered in the report saw a decline in building permits from the previous period.

St Louis New Home Building Permits – July 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - July 2023

 

St Louis New Home Building Permits For The Past 12-Months Decline in all Counties Except Franklin

There were 4,017 building permits issued for new single-family homes in the St Louis area during the 12-month period ended June 30, 2023.  This represents a decrease of 11.05% from the prior 12-month period, during which 4,516 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Six of the seven counties covered in the report saw a decline in building permits from the previous period, with the City of St Louis and Lincoln County experiencing double-digit declines. 

St Louis New Home Building Permits – June 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - June 2023

 

St Louis New Home Building Permits For The Past 12-Months Declined in all Counties-by double digits in 6

There were 3,820 building permits issued for new single-family homes in the St Louis area during the 12-month period ended May 31, 2023.  This represents a decrease of 17.28% from the prior 12-month period, during which 4,618 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   All seven counties covered in the report saw a decline in building permits from the previous period, with all but one of them experiencing double-digit declines. 

St Louis New Home Building Permits – May 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - May 2023

 

St Louis New Home Building Permits For The Past 12-Months Declined in all Counties

There were 3,882 building permits issued for new single-family homes in the St Louis area during the 12-month period ended April 30, 2023.  This represents a decrease of 16.34% from the prior 12-month period, during which 4,640 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   All seven counties covered in the report saw a decline in building permits from the previous period, with all but one of them experiencing double-digit declines.  Also worth noting is this month marked the end to Franklin County’s streak of increased building permits over the prior period which lasted  20 months.

St Louis New Home Building Permits – April 2023

(click on table below for page with live charts showing additional permit data)

 

St Louis New Home Building Permits For The Past 12-Months Declined in 6 of Seven Counties

There were 3,920 building permits issued for new single-family homes in the St Louis area during the 12-month period ended March 31, 2023.  This represents a decrease of 16.58% from the prior 12-month period, during which 4,699 permits were issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Six of the seven counties covered in the report saw a decline in building permits from the previous period, with five of them experiencing double-digit declines.  In contrast, Franklin County saw an increase of over 4%, marking the 20th consecutive month of increases.

St Louis New Home Building Permits – March 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - March 2023

 

St Louis New Home Building Permits in February Fall By Double-Digits From A Year Ago In Four of Seven Counties

There were 4,170 building permits issued for new single-family homes in the St Louis area during the 12-month period ended February 28, 2023, a decrease of 10.69% from the same period a year ago when there were 4,669 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Six of the seven counties covered in the report saw a decline in building permits from the same period a year ago with four of them experiencing double-digit declines.  Franklin County, on the other hand, saw an increase of nearly 19%.

St Louis New Home Building Permits – February 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - February 2023

 

New Home Building Permits in January Fall By Double-Digits From A Year Ago In 4 of 7 St Louis Counties

There were 4,147 building permits issued for new single-family homes in the St Louis area during the 12-month period ended January 31, 2023, a decrease of 13.48% from the same period a year ago when there were 4,793 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Six of the seven counties covered in the report saw a decline in building permits from the same period a year ago with four of them experiencing double-digit declines. 

St Louis New Home Building Permits – January 2023

(click on table below for page with live charts showing additional permit data)St Louis New Home Building Permits - January 2023

 

St Louis Area New Home Building Permits for 2022 at lowest level in seven years

There were 4,361 building permits issued for new single-family homes in the St Louis area during 2022, a decline of 9.62% from 2021 when there were 4,825 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).  As the table below shows, 4 of the 7 counties included in the report had a decline in the number of permits issued in 2022 from the year  before, with there of them double-digit declines.  Lincoln County saw the biggest drop percentage-wise with a decline of 38.27% followed by St Charles County at 21.8%.  All of the increases seen in the 3 remaining counties were single-digit increases with Franklin County the highest with an 8.36% increase.

As the chart below the table illustrates, 2022 saw the lowest number of building permits for new homes issued since 2015 when were there 4,200 issued.

Continue reading “St Louis Area New Home Building Permits for 2022 at lowest level in seven years

New Home Building Permits in St Louis area Decline overall but up in more counties than down

There were 4,515 building permits issued for new single-family homes in the St Louis area during the 12-month period ended November 30, 2022, a decrease of 6.93% from the same period a year ago when there were 4,851 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Four of the seven counties covered in the report saw an increase in building permits from the same period a year ago with the largest increase (9.15%) coming in St Louis County.  

St Louis New Home Building Permits – November 2022

(click on table below for page with live charts showing additional permit data)

St Louis New Home Building Permits - November 2022

 

New Home Construction In Midwest During Increased During Past 12 Months

Even though the number of new home building permits in the St Louis area has been on the decline, they’re been on the increase in the midwest region of which St Louis is a part. As the chart below illustrates, for the 12-month period ended last month, there are been 2,850 building permits issued for new privately-owned housing units in the midwest region of the U.S. an increase of 3.6% from he prior 12-month period when there were 2,746 permits issued. For just the month of November 2022, there were 197 permits, down nearly 8% from November 2021 when 214 permits were issued.

New home construction starts on the rise as well…

Depicted also on the chart below is the number of new homes where construction has actually begun, referred to as “starts”.  The number of starts always tends to be lower than the number of permits issued as there are many issues that could arise that would cause a home not to be built even though a permit was issued for it.  One of those issues could be the developer or builder’s sentiment about the market which, if trending unfavorably, may cause the developer to postpone adding to inventory.  However, even though we saw builder sentiment decline every month this year, the number of new home starts in the midwest region for the most recent 12-month period increased 5% from the prior 12-month period.  There were 2,657 new home starts in the 12-month period ended last month compared with 2,523 starts during the prior 12-month period.  For just November 2022, there were 215 starts, down just one from November 2021 when there were 216 starts.

Continue reading “New Home Construction In Midwest During Increased During Past 12 Months

Home Builder Sentiment Falls Every Month During 2022 Reaching Lowest Level Since Beginning of COVID

The National Association of Home Builders (NAHB) released their NAHB/Wells Fargo Housing Market Index (HMI) report for December 2022 and, not surprisingly, it shows the builders are continuing to lose confidence in the market.  In fact, builder sentiment has dropped every month during 2022, ending the year at an index value of 31, the lowest seen since the onslaught of COVID-19 in April 2020.

NAHB/Wells Fargo Housing Market Index (HMI) / Builder Sentiment Chart

(click on chart for live, interactive chart)

NAHB/Wells Fargo Housing Market Index (HMI) / Builder Sentiment Chart

New Home Building Permits in St Louis area Decline 7 Percent but increase 15 Percent in Franklin County

There were 4,499 building permits issued for new single-family homes in the St Louis area during the 12-month period ended October 31, 2022, a decrease of 7.01% from the same period a year ago when there were 4,838 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Five of the seven counties covered in the report saw a decrease in building permits from the same period a year ago with three of the counties have a double digit decline.  Franklin County came out the big winner with nearly a 15% increase in building permits issued during the past 12-months.

St Louis New Home Building Permits – October 2022

St Louis New Home Building Permits - October 2022

 

New Home Building Permits In St Louis For Most Recent 12-Months Decline Nearly 9 Percent

There were 4,499 building permits issued for new single-family homes in the St Louis area during the 12-month period ended September 30, 2022, a decrease of 8.89% from the same period a year ago when there were 4,938 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Five of the seven counties covered in the report saw a decrease in building permits from the same period a year ago with three of the counties have a double digit decline.

St Louis New Home Building Permits -September 2022

New Home Building Permits In St Louis For Most Recent 12-Months Decline Over 8 PercentSt Louis New Home Building Permits -September 2022

 

Home Builder Sentiment Falls For 10th Month In A Row

The National Association of Home Builders (NAHB) released their NAHB/Wells Fargo Housing Market Index (HMI) report for October 2022 and, not surprisingly, it shows the builders are continuing to lose confidence in the market.  As our chart below shows, the Housing Market Index (HMI), the red line, peaked in November 2020 at 90 and has, with the exception of a few minor upticks along the way, fallen ever since reaching 38, the lowest level since August 2012 when it fell to 37.

Single Family Housing Starts and HMI Index 1985-2022 (NAHB)

Single Family Housing Starts and HMI Index 1985-2022 (NAHB)

St Louis New Home Activity Continues To Decline

There were 4,486* building permits issued for new single-family homes in the St Louis area during the 12-month period ended August 31, 2022, a decrease of 8.93% from the same period a year ago when there were 4,926 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Six of the seven counties covered in the report saw a decrease in building permits from the same period a year ago with four of the counties haveing a double digit decline.  

*The city of St Louis did not report building permit data for August 2022.  Last year there were 54 permits issued in August, if we assume the same number for this year, the City of St Louis would of had an increase of 5.6% for the period, and the overall drop in building permits for the St Louis area would have been 7.8% rather than the 8.93% shown…

St Louis New Home Building Permits -Aug  2022

St Louis New Home Building Permits -Aug  2022

 

New Home Building Permits In St Louis For Most Recent 12-Months Decline Over 8 Percent

There were 4,600 building permits issued for new single-family homes in the St Louis area during the 12-month period ended July 31, 2022, a decrease of 8.06% from the same period a year ago when there were 5,003 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Five of the seven counties covered in the report saw a decrease in building permits from the same period a year ago with three of the counties have a double digit decline.

St Louis New Home Building Permits -July  2022

St Louis New Home Building Permits -July  2022

 

Number Of New Homes Built In St Louis In Last 14 Years Less Than Half The Number For the Prior 14 Years

During the 14 year period prior to the housing bubble bursting in 2008, there were 92,065 building permits issued for new single family homes in the 3 most active home building counties in St Louis.  As the table shows below, over half the permits issued during that period were in St Charles County alone, with the other half in the counties of St Louis and Jefferson.

Needless to say, when the housing bubble burst in 2008 and the market collapsed, new home construction came to a screeching halt.  However, after about 5 years, the market quickly regained lost ground and for the past several years it seems home builders couldn’t build homes fast enough.  We’ve had a low inventory of homes for sale for so long it’s starting to seem normal.  But still, over 14 years have passed since the bubble burst and we are still way behind on new home construction.  In the 14-year period after the bubble burst, there have been 40.528 building permits issued for new single family homes in the St Louis area counties mentioned above, a decline of nearly 56% from the prior 14-year period.

St Louis New Home Building Permits -1994 through 2007 and 2008 through 2021

St Louis New Home Building Permits -1994 through 2007 and 2008 through 2021

 

New Home Building Permits In St Louis For Most Recent 12-Months Decline Over 12 Percent

There were 4,516 building permits issued for new single-family homes in the St Louis area during the 12-month period ended June 30, 2022, a decrease of 12.05% from the same period a year ago when there were 5,135 permits issued, according to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St Louis HBA).   Five of the seven counties covered in the report saw a decrease in building permits from the same period a year ago with three of the counties have a double digit decline.

St Louis New Home Building Permits -June  2022

St Louis New Home Building Permits -June  2022

 

Supply of New Homes For Sale Reaches Highest Level In Over 12 Years

According to the latest data from HUD and the US Census Bureau, there is a 9.3 month supply of new homes for sale in the U.S. as of June, 2022.  As the chart below illustrates, this is the largest supply of new homes for sale since May 2010 when there was also a 9.3 month supply.  It wasn’t that long ago, August 2020 to be exact, when the supply hit a record low level of 3.3 months.

St Louis New Home Supply is a little lower…

It’s a little hard to pinpoint the new home supply in St Louis for several reasons.  One, not all new homes that are for sale are listed in the MLS and then the MLS allows new homes to be listed in two categories, both new construction and normal residential, so that can skew the data as well.  Nonetheless, we do the best we can to sort through the data.  As our table at the bottom shows, there is currently a little over a 7-month supply of new homes for sale in St Louis, so still higher than a historical “norm” but about 2-months less than at the national level.

Continue reading “Supply of New Homes For Sale Reaches Highest Level In Over 12 Years