Categorized | Residential

St. Louis Housing Market Sees Little Progress

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The residential real estate market in St. Louis continues to struggle, and shows little sign of any real recovery in the near future. While sales in September were higher than they were one year earlier, the overall numbers for the year are still significantly down from the previous year.

In fact, prices have hit their lowest levels in nearly ten years. Many real estate analysts believe that the St. Louis market has hit rock bottom, and won’t see any more significant declines. However, with the winter months approaching, and the bleak outlook on the overall United States economy, most analysts do not believe the city will see any kind of improvement either.

Although the residential market in St. Louis experienced its first month-over-month gain of the year in September, the numbers may not present an accurate picture of the market. Last September marked the first month without the eight thousand dollar tax credit that was intended to boost sales. As such, the sales numbers from September of last year did not artificially low, as most homebuyers opted to rush their purchases in August to take advantage of the credit.

One of the reasons why housing prices have taken such a hit is that the majority of buyers in the current market are investors looking for serious bargains. In the past month, there were more houses sold for less than fifty thousand dollars than there were houses that sold for over two hundred thousand dollars.

While that trend has generally driven down prices, real estate experts in the area also point out that it has also helped alleviate the market of many of the foreclosed properties. There is hope that with a reduced inventory, prices may soon increase again.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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