New figures on Missouri home sales indicate the economy continues to improve. But some of the numbers are mixed.
Missouri Realtors says home sales reached almost $838-million last month. Home sale prices are up ten percent in the last year to $156,810. And the number of days a house is on the market has dropped from 134 days a year ago to 124 in October.
But overall home sales were almost three percent lower than in October, 2012, the first month in two years that sales did not show an increase, year over year. Realtors CEO Russ Cofano isn’t sure if that means the industry is flattening out after two years of growth. “We won’t know if it’s an anomaly for a few more months. We’re seeing a slowdown nationwide in home sales…But we had a significant over two years of year-over-year monthly home sales increases which coincided with the economy strengthening,” he says.
He says home sales traditionally drop off after October and pick up again in the Spring.