ST. LOUIS (KMOX)__The latest housing data shows home sales in the Midwest rose 6.4 percent in November from a month ago to a level of 1.00 million.
Nationally, existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 5.6 percent to a seasonally adjusted annual rate of 4.68 million in November from 4.43 million in October. However, the National Association of Realtors says sales are 27.9 percent below November 2009. The year-to-year numbers for the Midwest and St. Louis also show a sharp downward trend: 35% in the Midwest and 38% in St. Louis.
But NAR spokesman Walter Maloney says that’s really an apples-to-oranges comparison. “A year ago in November, first-time buyers were rushing to close before the end of the month,” Malony said. “They were trying to take advantage of the first time buyers tax credit.”
The median price in the Midwest was $138,900, down 1.1 percent from November 2009. Sales prices for existing homes in St. Louis are essentially flat. “St. Louis prices are down 1.5% from the same month a year ago,” Maloney said. “You look at it on a quarterly basis, which is a little more representative, the St. Louis metro area is very much like the national pattern: dead even.”
The national median existing-home price for all housing types was $170,600 in November, up 0.4 percent from November 2009.
On-line: the National Association of Realtors