Monthly Housing Report
Information provided by St. Louis Realtors
"Each Housing Report, released around mid-month, provides a market snapshot of MLS sales activity covering the previous month for St. Louis City and County combined. It includes key performance indicators such as median sales price, number of homes sold, and days on the market – with year-over-year comparisons."
Information in this report covers residential real estate activity in St. Louis City and County combined and is provided by Mid America Regional Information Systems (MARIS). Percent changes are calculated using rounded figures.
U.S. existing-home sales fell for the first time since September, slipping 4.9% month-over-month to a seasonally adjusted annual rate of 4.08 million units, according to the National Association of REALTORS® (NAR), as elevated home prices and higher interest rates continue to impact buyer activity. Despite the drop, sales were up 2% compared to the same period last year, marking the fourth consecutive monthly year-over-year increase.
New listings decreased 9.8% for residential homes but increased 5.3% for townhouse/condo homes. Pending sales decreased 3.9% for residential homes and 3.2% for townhouse/condo homes. Inventory decreased 10% for residential homes but increased 43.3% for townhouse/condo homes.
Median sales price increased 8% to $270,000 for residential homes and 5.3% to $220,000 for townhouse/condo homes. Days on market decreased 4.8% for residential homes but increased 25% for townhouse/condo homes. Months supply of inventory remained flat for residential homes but increased 43.8% for townhouse/condo properties.
The limited number of properties for sale has continued to push home prices higher nationwide. At last measure, the national median existing-home price was $396,900, a 4.8% increase from one year earlier, with prices up in all four regions, according to NAR. Meanwhile, total housing inventory heading into February stood at 1.18 million units, up 3.5% month-over-month and 16.8% year-over-year, for a 3.5-month supply at the current sales pace.
