Missouri Association of REALTORS® Releases March 2012 Statewide Home Sales Report

May 4, 2012 - PRLog -- The Missouri housing market continues its upward trend.  According to the Missouri Association of REALTORS’® Monthly Home Sales Report, the number of March 2012 home sales exceeded those of just one month ago by an incredible 29.2% — and were 12.8% higher than March 2011 sales. For the third month in a row, the Association reports that current home prices continue to be in favor of the buyer in Missouri although now with an upward price trend.  Mortgage interest rates remain at record lows and the National Association of REALTORS projects the affordability index for all of 2012 will be at an annual high, with little movement in mortgage interest rates during the year.


March 2012 compared to March 2011:


-   The number of homes sold in March increased year over year by 12.8%, from 4,352 last year to 4,911 in 2012.  This is the 2nd consecutive month of double digit gains compared to the previous year.

-   Homes sold at a quicker pace   moving from an average of 149 days to 145 days.

-   For the first time in 2012, the average price of homes sold rose 6% last month compared to March a year ago, moving from $129,584 to $137,397.

-   Like average price, median home prices also rose year over year, from $104,275 in March 2011 to $110,000 in March 2012. This represents an encouraging 5.5% increase.


As we saw in February, the rate of homes sales in Missouri continues to show positive growth.  This month, however, we see across the board improvement in the pace of transactions and significant price gains.  



March 2012 compared to February, 2012:


-   March home sales climbed a fantastic 29.2% compared to February, moving from 3,800 to 4,911.

-   Homes sold at a quicker pace in March taking 4 fewer days to sell.

-   Average home prices rose a promising 6.0% last month, from $129,673 in February to $137,397 in March.

-   The median selling price in March rose slightly higher than average price, reaching $110,000 compared to February’s $103,387. This represents a 6.4% increase in just one month.

Missouri homes sales are performing extremely well when compared to home sales nationally which dropped by 2.5% over the past month. Home sales across the country are still above those from a year ago.


First Quarter 2012 performance:

-   Q1 home sales totaled 11,899, which was up nearly 20% compared to the First Quarter of 2011.

-   There was only a negligible difference in the number of days it took to sell a home during the First Quarter, moving just slightly from 145 days in 2011 to 147 days in 2012.

-   The average price of a home for the First Quarter was $133,641, up 2% from $131,049 in Q1 of 2011.

-   Median home prices outpaced the average price comparison, climbing 2.4% from $103,000 in the First Quarter of 2011 to $105,500 in Q1 2012.




Final Conclusions:

Monthly home sales for 2012 continue to show significant growth from 2011. According to a recent article in CNN Money, noted economists have concluded that the recent increase in sales activity across the country is the leading indicator that the housing market has, in fact, reached a turning point and is now healing.  Missouri is clearly following suit.

According to DSnews.com, housing permits surged 4.5% in March, pushing the number to a new four-year high. The Census Bureau and the Department of Housing and Urban Development reported that permits reached a seasonally-adjusted annual rate of 747,000, the highest level since September 2008. Housing completions increased for the second straight month, as well. According to the same report, builders completed 600,000 new homes in March, the highest level since last September.

The complete Missouri Association of REALTORS Home Sales Report is available to REALTOR Members in the Market Statistics tab of the Member Resources section at MissouriRealtor.org.  Consumers can view video highlights of the Report on the home page at MissouriRealtor.org.