The number of Missouri homes sold in 2015 rose 10.6% above 2014, nationally the number increased 7.7%. The average sales price increased by 5% in Missouri and nationally 7.6%. The 2015 average home sales price in Missouri was $174,445 and nationally reached $222,400.
The breakdown by price of the 5,260,000 national existing home sales in 2015 is as follows: 14% were priced under $100,000, 43% sold from $100,000 to $250,000, 31% sold in the $250,000 to $500,000 range, 8% sold between $500,000 and $750,000 and 2% sold at $750,000 to $1 Million with the remaining 2% selling for more than $1 Million.
In 2014 approximately 11.5% of national home sales were distressed sales. This number decreased to about 8% in 2015. Sales to first time home buyers increased in 2015 and accounted for about one-third of all sales. Investors accounted for 15% of the 2015 home purchasers. One-Fourth of 2015 home sales were cash transactions.
Information from the Department of Housing and Urban Development shows 2015 new home sales increased 9.1% above 2014 sales. The $374,900 average sales price was an increase of 8.4% compared to 2014 and a rise in values of 15.5% above 2013. Current new home inventory represents a 5.7 month supply.
As we head toward the historically busy spring market, one of the biggest issues facing the housing market today is the sheer lack of supply of homes for sale. The current national home inventory has just a 3.9 month supply and is currently at a 12 month low. State and local inventory levels are also at statistical lows with the Missouri statewide inventory experiencing a 40% decrease since August 2015.
I anticipate the 2016 housing market to depict moderate but solid growth as the acceleration in existing home sales and prices both ease year over year due to higher mortgage rates, continuing tight credit standards, and lower affordability. The new construction market will see more significant gains in the coming year as new home starts and sales increase 10 - 15% year over year. 2015 total sales for existing and new homes should reach the 6 million mark for the first time since 2006.
Michael has been selling real estate at the Lake of the Ozarks since 1981. He is one of the most respected brokers in the area. If you would like to work with Michael in the sale or purchase of property, contact him at 573.365.SOLD or firstname.lastname@example.org View thousands of lake area listings at www.YourLake.com $1 million plus homes at www.LakeMansions.com You can also view each months’ article, ask questions and offer your opinion on Michael’s real estate blog, www.AsTheLakeChurns.com