St. Louis Metro Area Real Estate

There has been much talk in the news of the dour real estate market.  While the data certainly indicates that we are not experiencing the "highs" of 2003, 2004, and 2005 when interest rates were at record lows, there is good news to report.  And it's always helpful to Know the Facts.

That's why I've gleaned some details from the National Association of Realtors (NAR) for your review. 

• 30% of all homes in the United States are owned free and clear (no mortgage)
• Only 3% of existing mortgages are in foreclosure
• 2007 will be the fifth highest year on record for existing-home sales
• One out of 16 American households is buying a home this year
• The national median existing-home price for all housing types was $224,500 in August, up 0.2 percent from August 2006 when the median was $224,000

And just like in politics, all real estate is local!  So here's data on the St. Louis metro area market, sourced from MARIS (Mid America Regional Information Systems) -- the local MLS.   Data is as of June 30, 2007 -- 3rd Qtr data not yet compiled.