St. Charles, Missouri - Worth Clark Realty, a full-service real estate brokerage, is proud to announce the company has been named a top 25 largest residential real estate brokerage (must
St. Louis January 2019 Housing Report
Source: St Louis REALTORS®
Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019.
New Listings decreased 6.3 percent for Residential homes and 9.4 percent for Townhouse/Condo homes. Pending Sales increased 45.6 percent for Residential homes and 45.9 percent for Townhouse/Condo homes. Inventory decreased 24.9 percent for Residential homes and 20.2 percent for Townhouse/Condo homes.
Median Sales Price increased 13.3 percent to $187,000 for Residential homes and 6.5 percent to $163,000 for Townhouse/Condo homes. Days on Market increased 4.0 percent for Residential homes but decreased 1.8 percent for Townhouse/Condo homes. Months Supply of Inventory decreased 24.0 percent for Residential homes and 21.2 percent for Townhouse/Condo homes.
While the home affordability topic will continue to set the tone for the 2019 housing market, early signs point to an improving inventory situation, including in several markets that are beginning to show regular year-over-year percentage increases. As motivated sellers attempt to get a jump on annual goals, many new listings enter the market immediately after the turn of a calendar year. If home price appreciation falls more in line with wage growth, and rates can hold firm, consumer confidence and affordability are likely to improve.
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Information in this report covers residential real estate activity in Saint Louis City and County combined and is provided by Mid America Regional Information Systems. Percent changes are calculated using rounded figures.
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St. Charles, Missouri - Worth Clark Realty, a full-service real estate brokerage, is proud to announce the company has been named a top 25 largest residential real estate brokerage in St. Louis by