Realtors boost MO home sales 16% in July

Missouri real estate agents sold 6,978 homes in July, a 16.1 percent increase compared to 6,012 homes sold in the same month of 2012.

The average price of homes sold last month was $172,804, 13.4 percent above the July 2012 average of $152,350, according to a Missouri Association of Realtors news release.

“News for Missouri homebuyers, sellers and for our members is exciting, with total monthly sales increasing to $1.2 billion, up 27 percent over last year," MAR President Sharon Keating said in the release. "Business is moving at a rapid pace, with more Missourians securing the dream of home ownership."

July marked the 25th consecutive month in year-over-year home sale gains. The median price of homes sold was $140,000 last month, up 12 percent from $125,000 in July 2012.

Homes sold in July spent an average 124 days on the market, a day less than in June.

The sales movement coincides with recent increases in mortgage rates. The MAR pointed to Freddie Mac data indicating the national average commitment rate for a 30-year, fixed-rate mortgage rose to 4.37 percent in July from 4.07 percent in June, the highest since July 2011 when it was 4.55 percent.