An executive with the Home Builders Association of St. Louis and Eastern Missouri says its members are still exercising “extreme caution” because they’re uncertain the housing recovery will last, and they face difficulties getting financing.
“It’s still a significant challenge, for all but the really deep-pocket ones, to get financing,” Pat Sullivan said.
Last year’s extra building in the St. Louis area put only a small dent in the problem riling real estate agents — not enough homes to sell. Two years ago, St. Louis County had 6,000 homes on the market. In February of last year, 4,850 homes were for sale. As of last month, the total was 4,092, a 16 percent decline over the year. Agents blame the inventory shortage, along with bad weather and higher interest rates, for a double-digit decline in sales this winter, compared with winter a year ago.