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St. Louis house prices continue to accelerate, up 9.1% in past year

St. Louis house prices continue to accelerate, up 9.1% in past year

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Buyers struggle in brutal housing market

Realtor Matt Muren shows a property to his clients in the Benton Park West neighborhood of St. Louis on Thursday, April 22, 2021. In a very competitive market, some real estate agents are reporting buyers spending tens of thousands of dollars over asking price, creating a market agents haven't seen in years. Photo by Colter Peterson, cpeterson@post-dispatch.com

Housing prices in the St. Louis area continue to accelerate, with a new government report showing a 9.1% increase in the latest 12 months.#

The increase, calculated between March 2020 and March 2021, is the largest in the 30-year history of the Federal Housing Finance Agency's purchase-only index for metro St. Louis. In the first quarter of this year alone, prices rose 1.7%.

A revision also boosted the metro-area price increase for calendar 2020 to 9.1%. That increase was originally estimated at 8.9%, which was the previous record. 

Real-estate agents report that St. Louis has become an "extreme" seller's market, with houses routinely selling for more than the asking price.

Nationally, house prices rose 3.5% during the first quarter and 12.6% during the latest 12 months. The largest increases were in western states such as Idaho and Utah, where prices rose 23.7% and 19.2%, respectively.

When the price index is adjusted for inflation, the latest numbers show that the St. Louis market has climbed back slightly above where it was in early 2007, before a deep recession caused housing prices to crater. The general price level has risen 28.9% in 14 years, while St. Louis house prices have risen 29.6%.

This post has been updated to correct the inflation calculation.

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