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More St. Louis home sellers are lowering prices in another sign of a cooling market

Despite low availability, average home prices in St. Louis are still rising, but more sellers are lowering their list prices as sales volume falls, according to real estate associations. Despite low availability, average home prices in St. Louis are still rising, but more sellers are lowering their list prices as sales volume falls, according to real estate associations. That occurs as homebuyers who are still in the market are put under pressure as mortgage rates rise to 5.66%. According to data from the St. Louis Realtors, a professional organization for real estate brokers in St. Louis County and the city of St. Louis, pending and closed sales decreased by double-digit percentages in July compared to the same month last year. Closed sales decreased by 23.6% and pending sales by 17.4% year over year. The same research reveals that the median sales price jumped to $289,900, up over $15,000 from May of this year and up 7.4% from a year ago. Prices are still under pressure to decline. In July, nearly a third of St. Louis home sellers lowered their asking prices, compared to 23% of sellers a year earlier, according to data provided by real estate website Redfin. The entire housing market in St. Louis has slowed down this summer after two years of record-breaking activity, according to the Realtors' association. Pricing a home today is different than it was a few months ago due to interest rate increases and other economic factors keeping some buyers off the market, according to Katie Berry, the managing broker of Town and Country-based Better Homes and Gardens Real Estate Preferred Properties and the 2022 president of St. Louis Realtors.

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