ST. LOUIS (KMOX)-The only thing hotter than the weather in the St. Louis area, might be the housing market.
According to Coldwell Banker Gundaker President Jim Dohr, over the first six months of the year, closings and prices are each up seven percent over last year.
“We had a great first half of the year,” says Dohr.
Sales are strong, according to Dohr, in all price ranges. “We are seeing the beginning of a little softening in the market exceeding $600,000 or so, we call that the upper-end market. But, I would say overall, even in that market price-point, we’re still seeing a healthy level of activity.”
One reason for the strong numbers, is record-low interest rates that have dropped even further after the Brexit vote. “That was totally unexpected,” Dohr says, “all the experts were predicting that by now we’d have rates in the range of 4.5 percent for a 30-year fixed-rate loan and the rates are far, far below that, well under four percent at this point.”
Dohr says the outlook for the rest of the year, remains strong. “All the experts who watch the markets and the dynamics and all the metrics in residential real estate are predicting that this will be the best year since 2006.”
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