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 rebounded from the previous month, rising 4.2% to a seasonally adjusted annual rate of 4.26 million units, according to the National Association of REALTORS® (NAR). Economists polled by Reuters had forecast sales would fall to a rate of 3.95 million for the month. Purchase activity increased in the south and the west but decreased in the northeast, while sales in the Midwest remained unchanged from one month earlier.
New listings increased 8.8% for residential homes and 16% for townhouse/condo homes. Pending sales increased 12.8% for residential homes and 7.6% for townhouse/condo homes. Inventory decreased 11.4% for residential homes but increased 43.8% for townhouse/condo homes.
Median sales price increased 8.1% to $290,000 for residential homes and 7% to $230,000 for townhouse/condo homes. Days on market increased 3% for residential homes and 25% for townhouse/condo homes. Months supply of inventory decreased 5.9% for residential homes but increased 52.9% for townhouse/condo homes.
Heading into March, there were 1.24 million properties for sale, a 5.1% increase from the previous month and a 17% jump from one year ago, for a 3.5-month supply at the current sales pace, according to NAR. While mortgage rates have remained in the mid-to-high 6% range, the additional supply appears to have helped bring some buyers out of the woodwork, even as sales prices continue to rise nationwide.
