ST. LOUIS (KMOX) – Home sales in the St. Louis area are keeping pace with the rest of the nation but the sale prices of those homes are not.
That’s the finding of a new RealtyTrac report on residential sales.
RealtyTrac Vice President Daren Blomquist says that while local sales increased nine percent in June over last year, sale prices here decreased by eight percent.
“St. Louis is not one of those markets that’s recovering quickly because of a combination of underlying economic issues and not a lot of population growth that’s contributing to household formation there,” he explains.
The RealtyTrac report shows home prices from June of 2012 to last month increased five percent nationally.
Blomquist says those lower prices in St. Louis are drawing institutional buyers which should eventually drive housing prices up.
“We’re seeing still a lot of bank-owned properties there that still need to be sold off,” he added. “[St. Louis] has one of the higher inventories of bank-owned properties that are still unsold.”