Wintry Weather May Contribute to Low Home Market
ST. LOUIS (KMOX) – First-time home buyers were at an all time low last November, but the bad weather and not the slipper economy could be to blame.
Coldwell Banker Gundaker President, Jim Dohr, said that inventory in St. Louis and St. Charles counties, is at about a four and a half month supply, which is now the same amount of time that it would take to sell all of the houses.
He explained that the company measures inventory in the number of months it would take to sell it all. Normally, the market runs with about a 6 month supply of inventory.
“I think the weather hasn’t helped us, in St. Louis, the first couple weeks of January with all the snow and ice,” Dohr said. “I think that caused some people to delay.”
During last year, the prices have raised only about 7 percent.
Dohr believes that there are still “people who purchased their house at the peak of the market that still haven’t seen prices rebound enough.”