A big federal tax credit is gone and so are home sales.
Well, not gone completely. July home sales fell throughout Missouri in July. In Kansas City, home sales dropped slightly more than 38%, the second steepest drop among metro areas. St. Louis experienced a similar decline. Home sales there dropped nearly 38%. The National Association of Realtors reports that housing in July was the slowest it has been in 15 years.
Blame it on the end of the $8,000 first-time home buyer tax credit. The federal gift to home buyers ended April 30th. They had until June 30th to close on their homes.