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St. Louis house prices surge a record 14.6%

St. Louis house prices surge a record 14.6%

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Home for sale in Brentwood

Dina Benton, left, and her husband Brian walk through the master bedroom of a home for sale, during an open house hosted by realtor Ryan Goldstein on Saturday, July 3, 2021, in Brentwood. The Benton's have placed three offers on houses since February, "But we aren't in a rush", said Brian. Photo by Daniel Shular, dshular@post-dispatch.com

St. Louis house prices have risen a record 14.6% in the past 12 months, according to a second-quarter update from the Federal Housing Finance Agency.

The increase is by far the largest in the 30-year history of the agency's purchase-only index for metro St. Louis. The previous record, set in this year's first quarter, was 9.95%. (The first quarter increase was originally estimated at 9.1% but was revised upward in Tuesday's data release.)

Area real-estate agents report that St. Louis, like much of the country, has become an extreme seller's market, with houses selling quickly for far above the asking price

The St. Louis Association of Realtors says the median sale price for St. Louis and St. Louis County was $272,000 in July, an increase of 11% in the past year.

By the FHFA's reckoning, prices here increased 4.9% in the second quarter alone, following a 2.2% rise in the first quarter.

Nationally, prices also rose 4.9% in the second quarter and surged 17.4% in the past year. More than 20 metro areas posted 12-month increases of more than 20%, led by a 41.1% price spike in Boise, Idaho.

The agency's purchase-only index, considered the most reliable gauge of home values, dates back to 1991. An older all-transactions index, which includes refinancings, shows increases as high as 20% for St. Louis in the late 1970s, a time of persistently high inflation.

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