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Home Sales Up — Prices Down

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ST. LOUIS, Mo. (KMOX) — Home sales in the city and county are up 16 percent from a year ago,  but home prices have backslidden.

“People who bought their homes at the peak of the market, perhaps in 2005, would like to sell it for that number,” said Glenn Vatterott, President of the St. Louis Association of Realtors, “But it seems that prices have now fallen back in most markets to somewhere around the 2003 levels.”

The average sale price in November here was $168,000, compared to $180,000 last year and 200,000 in 2005.

For the year, the number of homes sold in the city and county through November was 12,203.   The Association projects a total of 13,200 homes will sell here by the end of 2011, compared with 13,690 last year and 20,966 in 2005.

Looking ahead to the new year, Vatterott sees a growth in home sales of 3 to 5 percent.  The wildcard may be Europe.  If the euro currency crisis causes a recession in Europe,  Vatterott says it could ripple here.

“I think it’s vulnerable only in how it impacts employment and consumer confidence,” Vatterott said.

Copyright KMOX

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