MO home sales land 12.8% higher in March

The Missouri housing market experienced 4,911 home sales in March, a 12.8 percent increase compared to 4,352 homes sold in March 2011.

The average price of homes sold rose 6 percent to $137,397 from $129,584 a year ago, according to the Missouri Association of Realtors' latest monthly home sales report, released today.

The median for home prices also rose year-to-year to $110,000 from $104,275, a 5.5 percent increase. Homes also sold at a quicker pace during March at an average of 145 days on the market, compared to an average of 149 days in March 2011.

March figures also were favorable compared to February. The release noted:

• March sales were up 29.2 percent month-to-month, with 3,800 homes sold in February;
• homes took an average of four fewer days to sell;
• the average price for homes sold increased 6 percent from $129,673 in February; and
• the median price for homes sold rose 6.4 percent from $103,387 in February.

For the first quarter, Missouri home sales totaled 11,899, a 20 percent increase; the average length of time it took to sell homes increased to 147 days from 145 days in first-quarter 2011; the average price of homes sold increased 2 percent to $133,641; and the median price for homes sold rose 2.4 percent to $105,500, according to the report.

The Missouri Association of Realtors, founded in 1936, has nearly 18,000 members in the state.