ST. LOUIS — Average St. Louis home prices are still up amid low inventory, but more sellers are dropping list prices as sales volume declines, according to real estate groups. That comes as mortgage rates continue to increase, to 5.66%, pressuring homebuyers still in the market.
Pending and closed sales fell by double-digit percentages in July compared with the same month last year, according to data from the St. Louis Realtors, an industry association for agents in St. Louis County and the city of St. Louis. Closed sales fell 23.6% year over year, and pending sales declined by 17.4%.
The same report shows that the median sales price increased to $289,900, up 7.4% from a year ago and up nearly $15,000 from May this year.
Still, there is downward pressure on prices.
Statistics compiled by realty website Redfin show that nearly a third of people trying to sell houses in St. Louis dropped their asking prices in July, compared with 23% of sellers a year ago.
After two years of record-setting activity, the overall home market in St. Louis has shown signs of slowing this summer, the Realtors group has said.
With interest-rate hikes and other economic factors keeping some buyers out of the market, pricing a house now is not the same as it was a few months ago, and sellers need to consult with their realtor before landing on a number, said Katie Berry, the 2022 president of St. Louis Realtors and the managing broker of Town and Country-based Better Homes and Gardens Real Estate Preferred Properties.
Read the full story on the St. Louis Business Journal website.