St. Louis REALTORS September 2021 Housing Report
Nationwide, existing home sales were down slightly in August, falling two percent after two consecutive months of increases, according to the National Association of REALTORS® . The decline in existing home sales coincides with rising sales prices, which have continued to soar into fall, with the median sales price of existing homes up 14.9 percent compared to last year. Declining affordability has had a significant impact on homebuyers, many of whom have been priced out of the market and are choosing to wait for sales prices to ease before resuming their home search.
New listings decreased 14 percent for residential homes and 1.8 percent for townhouse/condo homes. Pending sales decreased 10.2 percent for residential homes but increased 1.2 percent for townhouse/condo homes. Inventory decreased 23.4 percent for residential homes and 20.4 percent for townhouse/condo homes.
Median sales price increased 8.2 percent to $265,000 for residential homes and 11.8 percent to $195,000 for townhouse/condo homes. Days on market decreased 29.4 percent for residential homes and 42.5 percent for townhouse/condo homes.
Months supply of inventory decreased 25 percent for residential homes and 34.6 percent for townhouse/condo homes. There are signs the market may be shifting, however. New listings have continued to hit the market, bucking seasonality trends commonly seen in the fall, a time when listing and sales activity typically slows as children return to school. As inventory increases, competition for homes may soften, and could even bring a moderation in sales prices, which, after 114 months of year-over-year gains, would be music to the ears of homebuyers throughout the country.