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St Louis Housing Report for June 2022

From St Louis Association of Realtors:

Rising inflation, soaring home prices, and increased mortgage interest rates have combined to cause a slowdown in the U.S. housing market. To help quell inflation, which reached 8.6% as of last measure in May, the Federal Reserve raised interest rates by three quarters of a percentage point in June, the largest interest rate hike since 1994. Higher prices, coupled with 30-year fixed mortgage rates approaching six percent, have exacerbated affordability challenges and rapidly cooled demand, with home sales and mortgage applications falling sharply from a year ago.

New listings decreased 7.9% for residential homes and 20% for townhouse/condo homes. Pending sales decreased 11.6% for residential homes and 16.2% for townhouse/condo homes. Inventory decreased 10.5% for residential homes and 34.2% for townhouse/condo homes.

Median sales price increased 11.1% to $300,000 for residential homes and 14.7% to $215,000 for townhouse/condo homes. Days on market decreased 10% for residential homes and 40% for townhouse/condo homes. Months supply of inventory decreased 6.7% for residential homes and 35.3% for townhouse/condo homes.

With monthly mortgage payments up more than 50% compared to this time last year, the rising costs of homeownership have sidelined many prospective buyers. Nationally, the median sales price of existing homes recently exceeded $400,000 for the first time ever, a 15% increase from the same period a year ago, according to the National Association of REALTORS®. As existing home sales continue to soften nationwide, housing supply is slowly improving, with inventory up for the second straight month. In time, price growth is expected to moderate as supply grows; for now, however, inventory remains low, and buyers are feeling the squeeze of higher prices all around.

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3

We’ve sold two homes with Dan and purchased one and each experience with him has been nothing short of low stress and great results.

12

Dan and his assistant Christy kept us on point throughout the contract process.

6

He went above and beyond when trying to help get us in a new house when ours sold so much faster than we expected.

4

His knowledge of the city and older homes was a huge help in carefully evaluating the condition of each home we entered.

1

Dan was honest and looked out for my best interest. I truly felt like he listened to what I wanted in a home.

5

He guided us through the process of 3 different offers and made sure that we weren’t over paying.

10

He was instrumental in getting issues addressed that came up in the inspection and made us feel confident that we were making a sound investment. 

8

Throughout the whole process, he was on point, always had an answer or a solution to our concerns.

11

Dan was the most honest and straight forward person during the entire process.

7

You could tell his effort was a reflection of his desire to genuinely help us and do well at a profession he’s obviously passionate about.

2

He helped us do what felt like the impossible, buy a home well within our price-range, with the space we need in the location we want.

9

Employing him as our realtor was the best decision we could have made as first time homebuyers.

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"As a community specialist, I match buyers with homes and sellers with the marketing and pricing advice that sells."

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Licensed Missouri Realtor

3537 S. Kingshighway
St. Louis, MO 63139

M | 314.452.8211
O | 314.353.0336
E | info@danbrassil.com

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