Nov. 05--St. Louis home prices hit a stall in late summer, although both prices and rents are still up for the year, according to new reports.
CoreLogic, a real estate analysis firm, said home prices here declined 0.4 percent between August and September. But prices remained 6.5 percent higher in September than a year earlier.
Meanwhile, the real estate sales website Trulia says that rents in the metro area are up 2.9 percent over the past year. Two-bedroom apartments here have a median rent of $900 per month, the second lowest among the nation's 25 largest rental markets.
The one-month decline in home prices seems to reflect sales of foreclosed properties and those facing foreclosure. Such homes sell at steep discounts. Excluding distress sales, St. Louis area prices rose 0.3 percent in October and were up 7.5 percent for the year, CoreLogic reported.
Trulia's figures indicate that home sellers remained optimistic through the summer. Asking prices in St. Louis rose 3.3 percent between spring and summer. According to Trulia, higher asking prices can indicate higher sales prices in coming months.
Price trends here continue to trail the national averages. Home prices nationwide, including distressed sales, are up 12 percent over the year and rose 0.2 percent in September, the firm said. October was the 19th straight month in which prices had been higher than a year earlier. Cities with the fastest rising prices tend to be the same cities that saw the sharpest fall during the housing bust.