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Home sales tick up as region continues to grapple with limited housing stock

"Since we didn’t have a full spring market, I feel like we’re going to still be busy for the next three months"
Credit: Getty Images/iStockphoto

ST. LOUIS — The St. Louis region is seeing its home sales and new listings slightly tick up following a plummet in transactions due to the COVID-19 pandemic, according to new data from Zillow Group Inc.

Despite the uptick, however, the region continues to grapple with limited housing stock, a persistent issue St. Louis has encountered for several years and that has intensified amid the pandemic.

Zillow’s data, released Friday, showed that newly pending sales and new home listings were up 4.4% and 6.9%, respectively. Week over week, new pending sales in St. Louis were up 6.7%. St. Louis trails the national jump in sales volume. Nationwide, new pending sales and listings are up 17.7% and 13.9% month over month, respectively.

The coronavirus pandemic led the real estate industry to face an unusual spring selling season, typically the industry’s busiest time of the year. Local real estate agents are hopeful that the recent surge in listings and sales will result in a busier summer market than usual.

“In the past, the summer is our slower time because people are pushing to get into (homes) before school. But since we didn’t have a full spring market, I feel like we’re going to still be busy for the next three months,” said Susie Johnson of the Susie O. Johnson Team at Coldwell Banker Gundaker.

While St. Louis is seeing its sales and listings figures improve, it continues to deal with a reduction in the amount of homes on the market. Total listings are down 23.4% year over year locally, according to Zillow. 

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