MO home price average rises 10% in August

Missouri homes sold at an average price of $166,607 during August, a 10.2 percent increase compared to $151,244 in the same month of 2012. The median price of $135,000 rose 8 percent from $125,000, according to the latest monthly home sales report released last week by the Missouri Association of Realtors.

Real estate agents sold 6,927 homes statewide during the month, up 10.3 percent from 6,280 in August 2012. Homes sold faster in August, having stayed on the market for 121 days compared to 134 days a year ago, according to a news release.

Compared to July of this year, the average price of homes sold decreased 3.4 percent from $172,526.

“While August results slowed from July, this simply represents the expected seasonal fluctuation, with reduced sales later in summer," MAR President Sharon Keating said in the release. "This is still a great situation for anyone buying or selling. Overall, the housing market continues to rebound.”

The housing inventory in Missouri sits at 40,745, representing a nearly 6-month supply at the current sales pace in the market.