3rd Quarter Real Estate Statistics 2013 St Louis MO
The National Association of Realtors released the 3rd quarter real estate statistics 2013 last week. The NAR research shows the median sale price in St Louis as $143,700. The change was up 8.5% for the year. The median for the 2nd quarter in St Louis Metro was $136,600.
According to Lawrence Yun, NAR chief economist, the market momentum experienced a bit of a bite due to rising prices and higher interest rates. Yun went on to say that most markets still have more buyers than sellers. Even with the rise in prices and interest rates, income requirements to buy a median-priced home in a metro area indicate that most buyers can afford a home. However, with the rising interest rates, many of the buyers I am representing lowered the maximum house price they would buy at the end of the summer.
Other significant points from the 3rd quarter statistics:
- The national median existing single-family home price was $207,300 in the 3rd quarter, up 12.5% from $184300 in the second third of 2012.
- The national commitment rate on a 30-year fixed-rate mortgage averaged 4.44% in the 3rd quarter – up from 3.69% in the 2nd quarter of 2013 and 3.54% in the 3rd quarter of 2012. This is the highest commitment rate since the 2nd quarter of 2011.
- In the Midwest, existing home sales rose 8.8 percent in the 3rd quarter. Existing home sales are 17.4% higher than one year ago. The media single-family home price increased 8.9% in the 3rd quarter to $164,700 from the same quarter last year.
The difference between a median sale price and an average sale price: a median price means that 50% of the homes sold above and below the middle price point; the average sale price is all home sale prices added together and then divided by the number of homes. Median prices are less influenced by extremes in either direction. For example, if you are looking at area where 7 homes have sold for 200K, 250K, 300K, 2 at 225K, 1M, and 700K; the median is $250,000 whereas the average is $414,285. With the amount of foreclosures and short sales in many of our neighborhoods, median sale price is becoming a more pertinent statistic to use when calculating your offering price.
The statistics below are ten year stats for St Louis City and St Louis County Residential property through October 2013. They do not show median prices but they are really interesting in terms of the changes that have been occurring in this crazy economy we have been experiencing. The months of inventory is one of the more pertinent figures in these statistics. Months of inventory is the number of months it would take to sell all of the homes currently on the market.
Source for national statistics: National Association of Realtors
Contact Barb Heise, RE/MAX Results, for all your Real Estate Needs. 314-503-4856
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