Missouri REALTORS® says home sales continued to trend upward in September, with a huge decrease in the average time on market and significant increase in median sales price.
In Missouri, 8,372 homes were sold during the month of September. The total sales volume topped $1.6 billion and homes sold at a consistent pace in September, staying on the market for an average of 49 days. That’s 60 days less when compared to September 2016. The median sales price was approximately $162,500. That is a 3.5 percent increase compared to September 2016.
Interest rates saw a slight increase in September but continue to remain historically low. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was at 4.63 percent in September from 4.55 percent in August. By comparison, the interest rate in September 2017 was 3.81 percent.
THIRD QUARTER RESULTS
29,695 homes were sold in Missouri from July through September 2018. The total quarterly sales volume topped $5.9 billion and homes sold at a faster pace during the third quarter of 2018, staying on the market 60 days less than the same three-month period in 2016. The median sales price for the third quarter increased by 5.3 percent compared to the same quarter in 2016, coming in at $165,833.