During the 12-month period ending March 31, 2024, a total of 4,070 building permits were issued for new single-family homes in the St. Louis area, marking a 3.83% increase from the previous 12 months, which recorded 3,920 permits. According to the latest data from the Home Builders Association of St. Louis & Eastern Missouri (St. Louis HBA), four of the seven counties covered in the report experienced a decline in permits. The City of St. Louis saw the largest decrease, with a 13.31% drop. Conversely, the three counties that experienced an increase in building permits all reported double ..read more

<div style=”text-align:left”>In today’s real estate market, characterized by low inventory and somewhat high interest rates, the idea of buying a home can be daunting for some, especially those who are undecided about their long-term plans. Lease options present a compelling solution, offering flexibility and a strategic stepping stone toward owning a home. This approach is ideal for individuals who are still considering their options in terms of location, saving for a substantial down payment, or waiting for potentially lower interest rates. A lease option allows tenants to live in a p ..read more

Home sellers have reached a momentous $250 million settlement with HomeServices of America and its subsidiaries, including Long & Foster Companies, BHH Affiliates, LLC, and HSF Affiliates, LLC. This settlement, disclosed in a recent press release by the law firm representing the plaintiffs, resolves class action claims as part of a broader dispute over commission costs in the real estate industry. In a landmark case held on October 31, 2023, a Missouri jury found HomeServices of America, along with the National Association of Realtors (NAR) and Keller Williams, culpable of conspiring to i ..read more

Interest rates for a 30-year fixed rate conventional mortgage hit 7.52% yesterday, the highest rate in five months, since November 13, 2023 when they were 7.58%.  Today, however, they eased and the 30 year fixed rate mortgage interest rate dropped slightly to 7.45% and the interest rate for a 30-year FHA loan slipped below 7% to 6.95%. The chart below shows interest rates  for over 40 years, back to 1980 and shows about as much change as we’ve seen in fashion and technology during the period — from an astronomical high of 18.29% in October 1981 to an unbelievable low of 2.80% in Nov ..read more

The St. Louis 5-County Core market, encompassing St. Louis City County, St. Louis County, St. Charles County, Franklin County, and Jefferson County, reported a total of 4,518 home sales Year-to-Date through March 2024. This reflects a 4% increase in St. Louis home sales for the same period last year, which had 4,340 home sales. However, as the chart below—available exclusively from MORE, REALTORS®—shows, this represents varied performance compared to earlier years. In March 2022, there were 5,218 sales, a notable peak compared to 5,803 in 2021 and 5,216 in 2020. This data highlights the fluct ..read more

According to the latest report from Intercontinental Exchange, the U.S. mortgage market showed promising signs of stability in March 2024. The national delinquency rate decreased to 3.20%, marking a modest drop from February but remaining slightly higher than the record low observed in March 2023. Notably, serious delinquencies, which track loans 90+ days past due but not in active foreclosure, decreased significantly. These serious delinquencies fell by 24,000 cases—a 5.2% reduction from February, reaching their lowest level since mid-2006. This improvement is particularly significant as it ..read more

The Consumer Financial Protection Bureau’s (CFPB) Spring 2024 report on mortgage servicing reveals critical issues that prospective and current homeowners should be aware of. The report highlights a troubling trend of unauthorized charges and deceptive practices in mortgage servicing, which could impact a homeowner’s financial stability and property rights. For instance, some services were found to be charging illegal property inspection fees, particularly on Fannie Mae loans, despite guidelines clearly prohibiting such fees when certain conditions are met. These unjust fees, ranging from $10 ..read more

The real estate market in St. Louis is notably diverse, featuring homes that are, on average, quite affordable. However, this affordability doesn’t preclude the existence of luxury markets within the city. Presented below is an exclusive list from MORE, REALTORS® detailing the top 10 cities in the St. Louis MSA where homes command the highest average selling prices. Key takeaways from this list include: Huntleigh dominates with the highest average sale price of $2,097,249 and impressively quick transactions, with homes spending an average of just 20 days on the market. It’s important to note ..read more

In a significant development in the class-action lawsuit against the National Association of Realtors (NAR) and several major real estate entities, the U.S. District Court for the Western District of Missouri has granted preliminary approval for a proposed settlement. This lawsuit, led by plaintiffs Rhonda Burnett, Jerod Breit, Jeremy Keel, Hollee Ellis, and Frances Harvey, represents a class of U.S. homeowners who paid commissions to brokers upon the sale of their homes through multiple listing services during specific periods spanning from 2014 to the present. The court’s decision, as detai ..read more

The St. Louis Business Journal today published an article with the headline “A hidden cost of homeownership is mounting — and approaching crisis levels”. The article began with “homeowners across the country are facing an insurance crisis — and it’s driving up housing costs”, and then quoted a study indicating that 72% of U.S. homeowners said the cost of their homeowners insurance had increased over the past year. Well, sometimes it’s better to not have ocean views, mountains, and the like, and to be situated in the middle of the country like we are here in St. Louis—and this would be one of ..read more