St. Louis Housing Report June 2018-Tight Inventory as Interest Rates Increase
The St. Louis Housing Report June 2018 Report shows tight inventory as interest rates have increased says the St. Louis Realtors in their monthly report covering and comparing June 2018 statistics with June 2017 stats.
“As little as two years ago, mortgage interest rates were at a historic low – with the average rate at 3.68% for a 30-year-fixed mortgage,” observed St. Louis REALTORS® President Marc Levinson. “In 2018, the average rate has climbed to 4.52%. While the rates may be increasing, homes are still very affordable in St. Louis.” Levinson went onto note the difference between the median sales price on a national level of $264,800 versus the local median price of $195,000. “Even as interest rates rise, St. Louisans can still pursue the American dream of homeownership withoutover-extending themselves” he noted.
Multiple Offers Becoming More Common
In summary: Buyers are facing a combination of 1. fewer homes for sale 2. escalating prices 3. less time to make a buying decision.
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