July 2020 St. Louis Area Housing Report

St. Louis City & County Housing Report

 

From St. Louis Association of REALTORS^®

“Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.

New listings increased 11.2 percent for residential homes and 13.5 percent for townhouse/condo homes. Pending sales increased 18 percent for residential homes and 10 percent for townhouse/condo homes. Inventory decreased 29.3 percent for residential homes and 4.4 percent for townhouse/condo homes.

Median sales price increased 11.4 percent to $245,000 for residential homes and 13.5 percent to $178,500 for townhouse/condo homes. Days on market remained flat for residential homes but decreased 8.9 percent for townhouse/condo properties. Months supply of inventory decreased 27.6 percent for residential homes but increased 3.7 percent for townhouse/condo homes.

While the number of unemployment insurance weekly initial claims has been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, homebuyers remain extremely resilient. With mortgage rates remaining near-record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market.”

Source: https://www.stlrealtors.com/content/uploads/2020/08/Housing-Report-Infographic.pdf

Full Report: https://www.stlrealtors.com/content/uploads/2020/08/MARIS-Report-July.pdf