home sales

(Federal Reserve Bank of St. Louis)

Home ownership rates across the country continue to decline and an economist at the St. Louis Federal Reserve says there are two potential factors at play. Bill Emmons points to a potential new-normal scenario and the possibility that housing ownership remains in downward cycle that has lasted for roughly two-decades.

(Flickr/Jessica Perdue)

Following a two-year recovery in the housing market, the National Association of Realtors’ chief economist expects sales to level off.

"Right now there are two opposing forces; higher mortgage rate anticipation, which is always a negative, and more job creation, which is a positive." said Lawrence Yun, "So, I think it will be a more neutral year in terms of home sales."

Yun spoke to members of the St. Louis Association of Realtors Thursday morning. His key points for this market:

(via Flickr/woodleywonderworks)

The value of homes in the St. Louis region continues to increase.

The St. Louis Post-Dispatch, citing data released Tuesday by the real estate analysis firm CoreLogic, reports that St. Louis-area home prices rose 5.6 percent in July from a year earlier.

For homes not facing foreclosure or already foreclosed on, the increase was 5.9 percent.