Show-Me State home prices increase, sell faster

Missouri homes sold faster and at higher prices in May compared to the same month of the previous year.

According to the Missouri Association of Realtors' May report, sold homes sat on the market an average 123 days, down from 127 days in May 2013. The average price of those homes sold was $171,036, a 3 percent increase compared to $165,985 a year ago. Total sales volume reached $1.2 billion in May, according to a news release.

However, Missouri real estate agents ultimately sold fewer homes in May, at 6,793, a 2.2 percent decrease from 6,943 in the same month of 2013.

"The Missouri real estate market continues to be favorable for buyers and sellers and show strong results for the year, with solid home sales and healthy price appreciation," according to the MAR report.