St. Louis Home Sales Jump 44% in November

Posted by Elizabeth on December 28, 2009

With the expected expiration of the $8000 first-time home buyers tax credit, home sales soared to over 44% from last year’s figures.

In St. Louis’s 11 county region, 2747 single family homes were sold in November 2009 – a 44% increase from last year’s numbers.
First-time home buyers rushed to purchase properties in lieu of the expected expiration of the $8000 tax credit in November. While exciting news for the St. Louis area, it’s been overshadowed by skeptics questioning of the validity of these numbers.

The Facts…
The National Association of Realtors announced that November’s home sales were at the fastest pace since February 2007. November was in fact, the third straight month that St. Louis home sales have increased over the previous year. The median price of homes sales was 8% higher than 2008 in St. Louis County, and 71% higher in St . Louis City.

Will It Last?
Now that the $8000 tax credit deadline has been extended, many people are left wondering if home sales will continue to increase.
Truth be told, the numbers were significantly higher due to the tax credit, but isn’t that still a sign that the housing market is getting better? Home sales may slow or plateau in the next few months but it’s important to remember that homes are being sold – and slowly but surely, American’s will be able to get up, brush the dirt off their knees, and be up and running again.