Higher Mortgage Rates - Check!
Elevated Sales Prices - Check!
Lack of Housing Inventory - Check!
Put it all together and what do we have? A paralyzed housing market. Pending and closed sales are down almost 6% from 2022, and inventory is down almost 9% from 2022. Many people feel handcuffed by their low-interest rates and aren’t moving even though they would like to find a home that better fits their needs.
In good news, rates have dropped the last couple of weeks and inventory has slightly increased. I do not foresee anything changing drastically in the near future as demand seems so far out of balance with supply.
On a positive note about the St. Louis real estate market, we were recently named one of the top cities that people want to move to due to our affordability. You can watch a quick clip about that here.
If you have any specific real estate questions or would like to strategize your real estate needs, I am always here to chat!
- Hayley Tomazic
314-229-2009
