Home Sales in Wentzville School District Increase 16 Percent Q1 2012

First quarter home sales increased 16 percent from the same period last year in the Wentzville School District.

A total of 152 homes were sold during the first quarter of 2012, compared to 131 last year.

The increase signals a turnaround in the housing market. One concern is the continuing price depreciation. The average sales price dropped from $199,272 in Q1 2011 to $178,774 in Q1 2012 as a result of banks slashing the prices of REO foreclosure homes.

It is my belief that prices will turn once the supply of foreclosures and short sale homes dissipate.