FOR IMMEDIATE RELEASE
August 23, 2023
COLUMBIA, MISSOURI – Missouri REALTORS® is pleased to share a monthly statistics report highlighting the Missouri real estate market for July 2023.
Missouri REALTORS® sold 6,650 residential properties in July. While mortgage rates remained higher in July compared to the same period last year, the median sales price increased 4 percent, coming in at $259,900. The average residential sale price also increased 4 percent from last year to $307,361.
In terms of total dollar volume, fewer home sales resulted in a 12.2 percent decrease in July compared to last year and a 14.3 percent decrease compared to June. Over 2.04 billion dollars was generated in July compared to 2.3 billion dollars for the same period last year.
The Federal Reserve Bank of St. Louis reported the average 30-year fixed mortgage interest rate in July 2023 was 6.84 percent nationwide. As of August 1, 2023, that rate was 6.98 percent. Compared to July 2022 (5.41 percent), buyers continue to experience reduced purchasing power due to increased rates year over year.
Visit Missouri REALTORS® Market Statistics to view a full report of the data presented, including additional resources and information.
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Founded in 1936, Missouri REALTORS® is the largest trade association in the state serving over 25,000 members. As members of organized real estate, REALTORS® subscribe to a strict code of ethics and have access to numerous services and programs to enhance their professionalism within the real estate industry. Through collective strength, influence, and professionalism, Missouri REALTORS® unite to advocate for real property rights in Missouri, deliver comprehensive risk management programs and services, connect members through various media and events and deliver association management services.